OPEC’s surprise move to proceed with planned production hikes poses downside risk to oil prices. Analysts have lowered 12-month Brent forecasts to USD70 per barrel from USD75 per barrel previously. It is possible that the unwind of voluntary cuts may not last the full extent, as OPEC+ has indicated it will remain sensitive to market conditions. On Wealth Tracker, Hongbin Jeong speaks to Sim Moh Siong, Currency Strategist, Bank of Singapore, to find out what this means for the oil market moving forward.

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