According to latest reports, OPEC delegates agreed to cut output by an additional 1.5 million barrels per day. Oil price jumped on the news and Brent tested $51.80 in a knee-jerk move before pulling back. The proposal is conditional on Russia’s support but it is highly questionable whether Russia will bow to the proposal tomorrow.
Brent jumped on output cut news and tested downward trendline in the $51.80. However, crude price pulled back later on as the cut is said to be conditional on Russia’s support. Source: xStation5
Start investing today or test a free demo
Open account Try demo Download mobile app Download mobile appThis content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
