- WTI rose $1/Bbl to nearly $92 as tight supply moved back into focus
- Oil recovers from yesterday's losses after Saudi Arabia's Oil Minister said that OPEC+ might cut production to stabilize a volatile market
- Saudi Oil Minister Prince Abdulaziz bin Salman said yesterday that "extreme" volatility and a lack of liquidity in the futures market are creating a gap between crude pricing and fundamentals (BBG)
- He highlighted the fact that futures prices do not reflect the fundamentals of supply/demand
- He added that OPEC+ may be compelled to interfere and may need to consider production cuts while discussing output targets at their meeting next month
- The move follows a drop in crude prices of over $30/bbl from highs reached following Russia's invasion of Ukraine
- Iran has given up some of its main demands for renewing the 2015 Iran nuclear deal, according to a senior U.S. official (Reuters)
- These demands include Iran's insistence that international inspectors end some investigations into its atomic program
- The official added, "We think they have finally crossed the Rubicon and moved toward possibly getting back into the deal on terms that President Biden can accept," signaling the likelihood of being closer to an agreement
- The U.S. is currently preparing to respond to a draft deal that was put forth by the EU last week