Oil market sentiment has swung from bearish to bullish in the last few days as tailwinds for the commodity strengthen. A string of updates from OPEC and Venezuela, along with a couple of oil price forecasts served to push Brent to the highest since the start of the year, with prospects for the near future also positive. OPEC said in its latest monthly oil market report its total production last month had fallen to 30.8 million bpd, down by almost 800,000 bpd , as the cartel seeks to prop up prices once again. That’s down from 31.6 million bpd in December and was in large part driven by Saudi Arabia’s efforts to accelerate the price rise by cutting more. The Kingdom pumped 350,000 bpd less oil in January than in December, at 10.2 million bpd, which was also more than it had agreed to cut. Judging by the reaction […]