OPEC+ extends its voluntary cut of 2.2 million barrels per day through Q2, with Russia announcing an additional cut of 471,000 barrels per day. This move aims to shore up oil prices amid weak global demand and uncertainty around China's reopening. The market has already priced in these events, with U.S. crude hovering around $80. The focus shifts to the EIA Weekly Petroleum Status Report, indicating a record U.S. production but low utilization rates, leading to a build-up in crude inventories. This dynamic is seen as bearish for crude prices but may stabilize as refinery maintenance concludes. Crude oil net long speculative positioning has increased, signaling a bullish outlook in the near term despite macroeconomic and geopolitical risks. Technical analysis suggests a bullish trend for crude, with significant resistance levels ahead. The Energy Select Sector SPDR Fund (XLE) indicates crude is relatively cheap compared to energy stocks within the index.