Saudi Arabia's Solo Act Won’t Save The Oil Bulls

For the second month running, the leading OPEC producer, Saudi Arabia, has extended its voluntary 1M bbl/day oil production cut for another month, this time till August. The reduction will take the country’s production to ~9M bbl/day, the lowest level in several years. Saudi has been single-handedly sacrificing sales volume in bid to goose weak oil prices, but has so far reaped little reward. Spot oil prices have responded positively, with WTI price climbing 2.1% to trade at $71.25 per barrel at 1145 hrs ET while Brent was up 2.0% to change…