Wall Street Shrugs Off Latest OPEC+ Oil Cuts

Members of the group of oil producers known as OPEC+ have tried to drive up crude prices with unexpected supply cuts since last year. Wall Street is not yet convinced that this will succeed.

Thursday, a withdrawal of one million barrels per day surprised a market that had largely anticipated that the cartel and its allies would maintain stable production. Crude prices swung after the announcement, which suggests that many traders were unsure if this was the surprise they wanted.