Oil Prices Remain Rangebound Despite Extension of OPEC+ Cuts

Oil prices have remained largely rangebound over the last month as bullish and bearish factors continue to counterbalance each other.  Friday, March 8th 2024The flatlining of oil prices continued this week despite positive trade data coming out of China and impressive Indian oil demand, with a continued build-up in US crude inventories and skepticism vis-à-vis OPEC+’s extended voluntary cuts offsetting that positive momentum. The last time ICE Brent futures settled outside of the $80-85 per barrel bandwidth was on February…