Saudi Arabia, the de-facto OPEC+ leader, negated rumors of an impending oil output increase. Moreover, the current two million barrels per day (BPD) output cut is expected to continue until the end of 2023. This should keep the oil supply tight.
On top of it, the European Union is gearing up for its embargo on Russian crude oil next month, and the G7 countries are set to put a price cap on Russian oil purchases. Against this backdrop, traders have recently increased their bets on oil, reaching $200 per barrel.
