Demand Pessimism on Oil Market Dissipates

The pessimism that has gripped the global oil market for weeks as traders suspect weakening demand growth this week began to dissipate, replaced by signs of emerging optimism. All because OPEC repeated what it had said at its June 2 meeting. At that meeting, the cartel’s leaders announced they may consider rolling back some of the production cuts they agreed upon last year, possibly later in 2024, if market conditions are favorable. What traders heard, however, was that they would for sure roll back those cuts. Prices slumped. OPEC had to…