WTI Oil experiences a
decline prior to the US session, while OPEC's efforts to cut production appear
futile.
Oil prices have risen following
remarks made over the weekend by several OPEC representatives and insiders
involved in the decision-making process.
While the production cuts are seen
positively to sustain current price levels, concerns arise regarding countries
not adhering to supply restrictions, and some even increasing production.
Coupled with the already high supply from the US, OPEC might need to urge all
member countries to comply with their agreed quotas or consider deeper supply
cuts after the second quarter.
