Caught up in the broader sell-off in risky assets triggered by the latest escalation in trade tensions, oil prices have plunged in recent weeks, and the prices of most other energy commodities have fared almost as badly. We suspect that the latest fall in the price of Brent all but rules out any chance that OPEC will raise its output quotas at its meeting due at the end of June. However if, as we think is the most likely outcome, OPEC chooses to roll over its current production cuts, that could put a floor under oil prices.
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