"The primary reason for [OPEC+'s] move was the worry that the financial crisis that began when SVB collapsed would cause a large chain reaction that would significantly slow down the global economy," Naeem Aslam, chief investment officer at Zaye Capital Markets, wrote in a note.
"Oil countries will continue to beat the drums of more oil supply cutbacks if oil prices fall below $70," but oil prices are unlikely push pat $100 per barrel until another so-called Black Swan event occurs, he said.
France Dernières Nouvelles, France Actualités
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Stock Market Today: Dow up 300 points as energy shares jump after OPEC+ oil production cutsMarketWatch Live: Dow up 300 points as OPEC+ quota cut ignites energy shares This is great news! Oil prices will likely come down, which will benefit consumers in the long run.
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