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
