European stocks head for higher open, brushing off concerns over oil markets

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European markets are heading for a higher open Tuesday, brushing off concerns over oil price rises following a surprise production cut by the OPEC+ alliance.

JPMorgan analysts said that the move by OPEC+ was a "preemptive" move and that it had expected similar measures to come earlier.

"We view the current reduction in supply as a preemptive measure, assuring that surpluses that started accumulating in the global oil market since mid-2022 don't extend into the second half of 2023 as the global economy slows following almost 400 bps of cumulative hikes since 2022," analysts including Natasha Kaneva wrote in a late Sunday note.

Wall Street strategists appear unconvinced that U.S. stocks are the best place to be looking ahead — despite a strong first quarter performance.

 

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