Reopening Injects Uncertainty Into Oil Market
Reopening Injects Uncertainty Into the Oil Market Here's why OPEC+ has no choice but to release oil. Apr 08, 2021 | 12:30 PM EDT The second quarter starts in earnest, after the reflation and reopening themes -- which were once the only sought-after trades -- saw day traders and pure momentum chasers take oil higher. Brent oil went all the way from $55 per barrel to $70 a barrel. Of course, the last $5 a barrel squeeze was when Saudi Arabia convinced OPEC+ to hold off on raising production by 500,000 barrels per day unexpectedly in March -- including keeping their voluntary 1 million b...