Oil prices showed a slight rebound on Wednesday but remained near a four-month low as the decision by OPEC+ to increase production later this year continued to influence market sentiment. Both U.S. crude oil and global benchmark Brent witnessed a decline of over 4% this week following the announcement that eight OPEC+ members would gradually phase out 2.2 million barrels per day in production cuts. Analysts, however, suggest that the current sell-off may be exaggerated, with Warren Patterson of ING noting that OPEC+ won’t start boosting production until October, potentially tightening the global oil balance before then. Technical indicators also point to oversold conditions, indicating a possible bounce-back in prices in the near term, according to experts like Bob Yawger of Mizuho Securities.