$E-mini Nasdaq 100 - main 2306(NQmain)$ Crude prices remained buoyed after last weekend's surprise cuts by several OPEC+ members, which was seen as a strong signal that the Saudi-led producer group will take action to defend prices after the US administration rowed back from a previous pledge that it would start to refill the SPR at $70/b.

At this point, the only thing that's clear is that OPEC+ has no appetite for Brent prices below $80 a barrel. That could make any future foray below there challenging as the group has now shown not only will it cut production, it will do so without warning. That is clearly the message they wanted to send.

After a series of weak data this week, fears are mounting that the US economy, the world's largest consumer of oil, will enter into a recession, which would hurt the oil demand outlook.