Bank of America analysts: OPEC+ production cuts helped oil prices stabilize near $80

Francisco Blanch, head of global commodity research at Bank of America, said in an interview that the OPEC+ production cut was "positive" compared to initial market expectations, even if the group had not yet completed the full production cut. "OPEC+ is primarily responsible for stabilizing oil prices at $80 because if they hadn't cut that much, oil prices would have been lower," Blanch said.