Wall Street Analysts Raise Their Oil Price Forecasts After Shocking Supply Cuts By OPEC+

A man looks at his mobile phone to check stock market performance, graphs, data, prices and shocks in L'Aquila, Italy, on March 28, 2023. Price of oil has gone up since OPEC+ decreased in production in oil. LORENZO DI COLA/BENZINGA

Analysts on Wall Street are becoming far more bullish on oil prices, after OPEC+ announced voluntary output cuts totaling 1.66 million barrel per day.

The cuts will come into effect starting in May and are expected to last until the end of 2023.