Oil Rallies Despite String Of Bearish News

On Monday, OPEC’s relaxation of its historic production cuts began—and oil prices responded by falling as the market braced for more oil. Monday morning’s price slide highlights the power of OPEC, even as U.S. shale production pushed the country’s total output higher and higher over the last couple of years, causing some to debate the influence of OPEC on global oil markets.  OPEC+ agreed in April this year to slash its combined production by a record 9.7 million barrels daily until economies emerged from their coronavirus…