Crude #oil has erased all of last week's losses as #SaudiArabia said it will cut its supply by another 1 million barrels per day in July.

When investing in oil (or #commodities), it's important to take into account that there is a cartel, #OPEC+, which has been pretty active in… pic.twitter.com/dQia7uEZNV

— jeroen blokland (@jsblokland) June 5, 2023

#OPEC+ wrongly from an impact perspective, makes another big weekend announcement. The 1m b/d cut from KSA risks creating a gap shortsellers will look to close if the follow-through on Monday turns out to be a weak one. #Brent needs a solid break above $80 to change that #OOTT pic.twitter.com/YNbL0CJcce

— Ole S Hansen (@Ole_S_Hansen) June 4, 2023