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Oil futures extend yesterday’s losses as the Israel-Iran cease-fire takes another chunk of risk premium out of the market and fundamentals come back into focus.
“We don’t see any permanent change to supply” as a result of the conflict, says Brian Kessens, portfolio manager at Tortoise Capital.
Tortoise expects OPEC+ to unwind all of its voluntary additional output cuts by year-end, leaving the market “marginally oversupplied” by 300,000 or 400,000 barrels a day, he says.
