Wall Street Shrugs Off Latest OPEC+ Oil Cuts

Members of the oil-producers group known as OPEC+ have tried to push crude prices upward with unexpected supply cuts since last year. Wall Street isn’t yet convinced that will pan out.

On Thursday, a million barrel-a-day pullback surprised a market that had largely anticipated that the cartel and its allies would hold output steady. Crude prices seesawed after the announcement, suggesting many traders were unsure if it was the surprise they wanted.