What’s Stopping Oil From Breaking Out?
Oil prices have settled into a temporary rut, with WTI stuck in the mid-$50s and Brent in the mid- to low-$60s. Threats of supply disruptions in the Middle East have failed to buoy prices, while ongoing production and export declines in Iran and Venezuela are also failing to push up crude.
U.S. supply growth has grown significantly over the past two years, offsetting much of the cuts from OPEC. This has become a perennial problem for OPEC+. However, the sudden slowdown in demand is adding to their predicament.
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