OPEC+ Supply Cuts Fail to Ignite Oil Prices

The consortium of oil-producing nations has seen few tangible results from the production cuts begun in January. Although prices moved slightly northward in April to $66 per barrel, WTI crude has actually fallen 19.5% since then, and some OPEC+ members are getting cold feet. Saudi Arabia has agreed to shoulder most of the burden of cuts until September, but slowing global demand may see the entire strategy abandoned. Insights via @CMEGroup