OPEC+ might regret adding 170k barrels per day to the April balances. The profits from that extra oil have surly been swamped by the resulting drop in the price of oil, with WTI now down $4 this week. About half of that is today’s decline, which has taken out the late-2024 lows and is now within striking distance of the September 2024 low of $65.27.
WTI crude oil daily
If those levels break, we’re into some spike lows in 2023, followed by 2021 pandemic levels.