Oil Prices Fall Back After A Short-Lived OPEC+ Rally

This Monday saw what was perhaps one of the shortest oil price rallies following an OPEC+ meeting. The announcement of an additional production cut of around 800,000 bpd by the oil-producing group pushed Brent crude and West Texas Intermediate slightly higher during the day but by Tuesday morning the momentum had fizzled out and both key benchmarks were down. At the time of writing, Brent crude was trading at $76.52 per barrel, with West Texas Intermediate at $71.93 per barrel, both down, although by less than half a percentage point from yesterday.…