Oil Prices Bounce Back From OPEC+ Bombshell ...Middle East

OILPRICE - Economy
Oil Prices Bounce Back From OPEC+ Bombshell
source : OILPRICE ( Middle East ) () 27
Oil prices rallied aggressively on Tuesday morning, recovering from the OPEC+-induced drop that was sparked by the cartel's decision to unwind production cuts at a faster rate than previously planned. Despite the recovery, uncertainty remains in markets and more volatility is likely.- Oil majors have been surprisingly inert in reacting to oil prices declining by more than $10 per barrel since early April, preferring to wait out the resolution of the U.S.-China trade war before cutting expenditures.- Posting a net profit of $7.7 billion, down 7%…

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