Oil prices shed over 1% on Monday despite rising tensions in the Red Sea and on the front lines of the Israel-Hamas conflict
, with OPEC extending voluntary production cuts and demand sentiment taking a beating from an unusually mild winter. At 228 p.m. ET on Monday, Brent crude was trading up 1.05% at $82.67, while West Texas Intermediate WTI was trading up 1.66% at $78.64. On Sunday, OPEC agreed to extend its 2.2-million-barrel/day voluntary production cuts for another quarter, with this outcome already having been priced in ahead of time.
'With OPEC loadings appearing steady and aggregate OPEC supply potentially showing little effect from incremental voluntary cuts implemented in Q1, we do not view the extensions from the broader group as particularly impactful,' Macquarie energy strategist Walt Chancellor told Reuters on Monday. Some analysts saw this morning’s brief increase in oil prices as a response to the Israel-Hamas conflict and the current stalemated ceasefire negotiations.
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