Saudi Arabia's Solo Act Won't Save The Oil Bulls – OilPrice.com

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Last month, Wall Street maintained its bearish sentiment after Saudi Arabia announced its first extension with Goldman Sachs’ oil ultrabull Jeff Currie once again cutting his Brent forecast for December, this time to $86 a barrel from $95 and $100 before that. Currie cited increasing supply from Russia, Iran and Venezuela; growing recession fears and persistent headwinds to higher prices from higher interest rates for his growing bearishness.
Analysts at Citi are also quite bearish, recently saying the Saudi cuts are unlikely to sustain a gain into the high $80s or low $90s thanks to lackluster demand and stronger non-OPEC supply by year-end.
The oil futures markets have also turned deeply bearish with short sellers ruling the markets.
The collapse of Silicon Valley Bank in March triggered massive capital flight from oil to precious metals as panic spread that this could be the early innings of yet another banking and financial crisis. 
Related: Oil Traders Don’t Buy The Saudi Cuts

According to commodity analysts at Standard Chartered, the SVB collapse led to the fastest-ever move to the short side in oil markets, with speculative short volumes more than six times larger than those after the collapse of Lehman Brothers and Bear Stearns in 2008. Money-manager positions across the four main Brent and WTI futures contracts became shorter by a record 228.9 million barrels (mb) in the space of just two weeks. 
Predictably, oil prices cratered to multi-year lows in a matter of days before mounting a half-hearted rally thanks to the 2nd of April decision of some OPEC+ members to make voluntary output cuts.