Oil prices started Tuesday with a slight rise after Saudi Arabia and Russia’s decision to cut oil supply. Brent oil, which fell by 1 percent on Monday to close to $ 74.50, rebounded to $ 75, making up for some of its losses with an increase of 0.25 percent on Tuesday.
Warren Patterson, Commodity Strategist at ING Groep, said that it is not surprising that Saudi Arabia continued to cut the voluntary oil supply and said, “Basic dynamics are not effective in determining the direction of prices. The focus of the markets is the uncertain macro outlook,” he commented.
Despite the macroeconomic conditions that negatively affected demand, there are also institutions that anticipate an increase in prices with the measures taken by OPEC+, the US making purchases to strengthen its strategic oil reserves, and higher energy consumption expectations in Asia.
According to Bank of America Strategist Matty Zhao, Brent oil will average around $80 in the second half of the year.
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