Tortoise Senior Portfolio Manager Rob Thummel in Business Insider


Here’s why oil prices aren’t coming down anytime soon — and why OPEC can’t stop the climb

Oil prices have climbed about 5% since OPEC+ backed a bigger output increase last week, and analysts say there is little the cartel can do to bring them down soon.

The oil group said it would boost supplies by 648,000 barrels a day in July and August, up from its prior monthly increases of about 400,000 barrels a day. But even that small uptick is unlikely to reach the market.

Read more here.