“The whole seasonal pattern, I don’t think it’s done,” LaRose told the WSJ. “And there’s a lot of hope…that OPEC’s going to save the day.”
Meanwhile, on the supply side, oil traders are waiting on a meeting between major oil producing countries on April 17 in Doha, Qatar where the Organization of Petroleum Exporting Countries and other exporters will discuss a potential production freeze to curtail low prices.
Nevertheless, some investors are skeptical that OPEC would pull the trigger as Iran has refused to cut production and vowed to increase production until it reaches pre-sanction levels. Saudi Arabia has already signaled it wouldn’t agree to a freeze without Iran.
United States Oil Fund
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