OPEC+ countries agreed to extend the majority of petrol production cuts through April. The surprising move came despite previous gains in the black gold. WTI Crude Oil surged above $64 and economists at ANZ Bank forecast Brent Crude Oil at $70 in the near-term. See: Oil is unlikely to participate in the next commodity supercycle – CE Key quotes “OPEC+ alliance surprised the market by extending production cuts at its meeting with non-OPEC producers. The ministers approved the continuation of current levels, except in the case of Russia and Kazakhstan which are allowed to increase by 130kb/d and 20kb/d respectively.” ” We are upgrading our short-term (0-3 month) target for Brent crude to $70/bbl. Investors are likely to add bullish bets, comfortable that Saudi Arabia and OPEC will provide a backstop should the market hit any hurdles.” “Any further upside will be determined by how OPEC and Saudi Arabia tackle the transition back to full production. Following this meeting, that process looks likely to be longer than we originally thought.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next USD/MXN: Peso to appreciate in the second half of 2021 on vaccination progress – MUFG FX Street 1 year OPEC+ countries agreed to extend the majority of petrol production cuts through April. The surprising move came despite previous gains in the black gold. WTI Crude Oil surged above $64 and economists at ANZ Bank forecast Brent Crude Oil at $70 in the near-term. See: Oil is unlikely to participate in the next commodity supercycle - CE Key quotes "OPEC+ alliance surprised the market by extending production cuts at its meeting with non-OPEC producers. The ministers approved the continuation of current levels, except in the case of Russia and Kazakhstan which are allowed to increase by 130kb/d and 20kb/d respectively."… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
