OPEC+ Cuts And Inventory Declines Counter Growing Demand Concerns

June WTI crude oil prices remained relatively stable on Thursday and into Friday morning but marked a third consecutive weekly increase as investors evaluated the impact of OPEC+ production cuts and falling U.S. oil inventories against concerns regarding the global economic outlook. This week, the U.S. benchmark rose by over 6% after OPEC+ announced a commitment to reducing production. Hedge funds have been buying crude oil throughout the week, indicating a return to a "risk on" market. US Crude Inventories Decline for Second Straight Week, Signaling…