OPEC, for some quiet moments..

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Crude oil fell, snapping the longest winning streak this year, as Russia was said to oppose any proposal to deepen OPEC-led production cuts. Futures dropped 1.7% in New York, snapping eight straight sessions of gains. Russia wants to continue with the current deal and any further supply curbs would send the wrong message to the market, according to government officials. The U.S. dollar gained, reducing the appeal of commodities denominated in that currency.

Crude tumbles after Russia said to oppose deeper production cuts

Polish leaders are betting Donald Trump’s visit to Warsaw starting on Wednesday, two days before the U.S. president meets his Russian counterpart, will bolster their efforts to reduce the nation’s dependence on natural gas from its eastern neighbor.

Poland sees Trump visit catalyst to cut Russian gas reliance

One of oil’s most prominent bulls is starting to sound like a skeptic. The global crude market has “materially worsened" and prices may be stuck around $50/bbl or below, storied hedge fund manager Andy Hall said in an investor letter this week, reversing the optimistic tone he’d taken for months. Crude prices are down 16% for the year, amid signs that rising U.S. output will undercut production cuts ordered by the Organization of Petroleum Exporting Countries and its allies. After a rally last week, futures for West Texas Intermediate oil slipped 4% on Wednesday after Russian officials said they were opposed to deeper reductions.

One of oil's most prominent bulls is sounding like a pessimist

Four Arab states refrained on Wednesday from slapping further sanctions on Qatar but voiced disappointment at its "negative" response to their demands and said their boycott of the tiny Gulf nation would continue. Qatar earlier in the day accused Saudi Arabia, the United Arab Emirates, Bahrain, and Egypt of "clear aggression" and said the accusations cited when they severed ties a month ago "were clearly designed to create anti-Qatar sentiment in the West".

Arab states announce no new sanctions following "negative" Qatari reply to demands