Oil Traders Ignore Saudi Warning To ‘Watch Out’

Despite last week’s Saudi announcement of a unilateral oil production cut of 1 million barrels per day (bpd) in July, oil prices ended the week with a second consecutive weekly loss as market participants continued to be focused on signals of weaker-than-expected demand instead of tighter supply.     Oil traders and speculators seem to have so far largely ignored not only the Saudi attempt to further tighten the market this summer, but also the warning of Saudi Energy Minister, Prince Abdulaziz bin Salman, from the end of May,…