The Oil Market Has Shifted Into A New Cycle

Saudi Production Cuts Provide Early Boost to Crude Oil Prices Monday began with a surge in U.S. WTI crude oil prices, driven by Saudi Arabia's announcement of an additional production cut of 1 million barrels per day starting in July. The world's top oil exporter aimed to counteract the macroeconomic challenges that had been weighing on the market. The Saudi energy ministry revealed that the kingdom's output would decrease to 9 million barrels per day, marking its most significant reduction in years and contributing to recent gains in oil prices.…