Tortoise’s Rob Thummel in The Wall Street Journal

Investors Doubt OPEC Cuts Can Boost Oil Prices

Recent rallies in crude stalled on concern reduced production won’t meaningfully curtail supply

Easing trade tensions and production cuts by the Organization of the Petroleum Exporting Countries have boosted oil prices recently, but some investors remain dubious that even those long-awaited developments will be enough to push crude beyond its recent trading range.

U.S. crude prices hit a three-month high on Friday after the U.S. and China signaled they had reached a limited trade agreement that helped ease investors’ worries that slowing global growth would hurt demand. A week earlier, OPEC and its Russia-led allies agreed to new crude-production cuts, which also boosted prices.

Read more here: https://www.wsj.com/articles/investors-doubt-opec-cuts-can-boost-oil-prices-11576501200

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