When OPEC+ ministers take stock of global oil markets next week, they’ll see plenty of evidence that their production cuts are working. After a subdued start to the year, crude prices are showing increasing signs of life as the supply reductions by Saudi Arabia and its allies combine with surprisingly resilient demand. Market sentiment still lacks the exuberance of early 2023, when traders widely proclaimed the return of $100 oil, but Wall Street banks like Morgan Stanley and trading giants such as Trafigura Group are predicting further price gains. Brent crude futures have climbed about 11% this year, cementing a ... (full story)