The oil ministers at the OPEC+ meeting last week must think they're in a nightmare. After some serious neck-wringing, they managed to come to a consensus to cut by an additional 800k bpd and extend voluntary cuts through Q1. The hope was that would lead to a a rebound in oil prices but instead we've had 5 straight days of declines and oil is below $70. It traded as high as $79.60 last week as OPEC was deliberating.
There is some support in the $68 range while the June low was $66.80.
This is on track to be the seventh consecutive week of oil declines. The May low was $63.64 but that was a very short-lived intraday spike and I'd see $66-68 as more important support.
In the bigger picture, prices at the pump are falling and that is a big help to global central banks as they try to get on top of inflation.
