Oil prices were lower today despite the announcement of OPEC+ production cuts. OPEC+ announced they will be cutting 100K/bpd from their October production cuts, but analysts have speculated this might not happen unless the parties agree to move forward on the Iran deal. The EU’s foreign policy chief said he was less hopeful about a quick revival of the deal. “The OPEC+ news is now in the market and the focus has temporarily shifted to economic and inflationary concerns amongst which the two relevant factors are the extended COVID lockdowns in China and Thursday’s ECB rate decision,” said Tamas Varga of oil broker PVM. On that note China has eased some of its recent Covid-19 curbs. WTI traded up $.01 from Fridays close to settle at $86.88. Brent traded down $2.91 or -3% to close at $92.83.