After a good run of gains pushed Brent prices briefly through $80 a barrel, it has stalled amid signals that OPEC+ may scale back output curbs in June, with Russia and Saudi Arabia sharing concerns that higher oil prices could crimp demand.
Once producers open the taps wider, any impact on supply from geopolitical tensions in the Middle East may be limited. Adding to the bearish outlook is the large inventory buildup in the U.S., as well as the fact that speculators have trimmed their bets on further rallies.
Source: Bloomberg Pro Terminal
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