If oil prices remain high will lead to a massive inflation right when people start going back to work after covid 19 pandemic.
High prices would trigger US shale to reopen wells and to start slowly to increase production again. During the time of alleged cuts, many producers have been filling up storages for "domestic use" and as soon as the Cartel's agreement softens its policy it will start sending prices lower to its mid 50's where most of the major producers are happy with.
@DrMoney, By the way, UKOIL (Brent) directly corresponds with USOIL (WTI). But UKOIL hasn't seen these (in my opinion) false breakout at the top. UKOIL price again rejected at the top and went down massive within the last hours. ;-)