Oil market is in 'show-me-the-barrels mode': Analyst

According to McNally, OPEC+'s decision"had a lot of moving parts." He notes that while some aspects were"supportive of prices," other elements, such as the tapering of cuts, caught investors"by surprise." However, he believes that OPEC is willing and able to pause or reverse tapering:"I don't think they're gonna let the bottom out of the price of crude," he says, but acknowledges that this explains the market's bearishness.

Uh the downside risk and the pressure on the markets clearly from macro, you know, everybody has to be a fed watcher these days.China weak.So look, there's real downside risk and pressure on the price of oil mainly from macroeconomic conditions and your upside risk is mainly from geopolitics in the near term.I still think there's, there's risk particularly with regard to Israel and Iran.

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