U.S. Oil Production Cuts May Be Avoided

Brent crude has slipped below $65 per barrel. WTI is trading barely above $60. Neither Trump nor China are backing down from the trade war that started the rout. OPEC+ has not yet updated its production plans, which contributed to the rout. Yet it is pretty much business as usual in the U.S. oil patch, per Energy Secretary Chris Wright. Speaking to Bloomberg recently, Wright said that the stock market selloff had been overblown, with fears about the global economy “misplaced”. “You see a marketplace right now that is worried about…