Demand Fears And Supply Cuts Keep Oil Markets On Edge

Crude oil prices moved modestly higher on the morning of the 4th of July following the news that Saudi Arabia would extend its voluntary oil production cuts through August.Chart of the Week- Saudi Arabia’s extension of its 1 million b/d production into August has had little to no effect on overall oil prices, with ICE Brent settling at $74.65 per barrel at the end of the day, 35 cents lower than last Friday. - All this indicates that OPEC+’s supply cuts are perceived by the market at large as a bearish signal of suppliers wary…