Overview

• OPEC+ announced a gradual unwinding of voluntary production cuts starting in October 2024.
• The European Central Bank and Denmark's central bank cut interest rates, raising expectations of similar actions by the U.S. Federal Reserve.
• Oil prices saw a temporary drop following the OPEC+ decision but rebounded on market reassurances.
• Analysts predict oil prices could return to the high $80s by September due to seasonal demand increases.
• U.S. crude inventories rose unexpectedly, adding complexity to the market outlook.