WTI Sheds Over 1.6% As Demand Trumps Everything Else

Oil prices shed over 1% on Monday despite rising tensions in the Red Sea and on the front lines of the Israel-Hamas conflict, with OPEC+ extending voluntary production cuts and demand sentiment taking a beating from an unusually mild winter.  At 2:28 p.m. ET on Monday, Brent crude was trading up 1.05% at $82.67, while West Texas Intermediate (WTI) was trading up 1.66% at $78.64.  On Sunday, OPEC+ agreed to extend its 2.2-million-barrel/day voluntary production cuts for another quarter, with this outcome already having been priced…