Saudi Arabia’s Oil Production Cuts Isn’t Enough To Shake Bearish Sentiment

Leading OPEC producer, Saudi Arabia, has extended its voluntary 1M bbl/day oil production cut for another month, 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 a bid to goose weak oil prices, but has so far reaped little reward.  Nevertheless, oil markets have reacted positively to the development, with oil prices rallying for the second day running: WTI price climbed 3.2% to trade at $72.01 per barrel…