Saudi Arabia’s decision to slash oil prices and boost output triggered the largest single day drop in oil prices since the 1990 Gulf War and economists at TD Securities are expecting an oil flood in the market. Key quotes “WTI crude is down more than 20% to $33/bbl, and follows on a 10% decline on Friday.” “The inability for Saudi Arabia and Russia to come to an agreement at OPEC talks held last week (Saudi Arabia wanting cuts, Russia pushing back on cuts) has effectively put an end to the co-operation between these two countries that had supported oil prices since 2016.” “It is speculated Saudi Arabia may raise output above 10m barrels a day to as high as 12m barrels from next month with the high likelihood the Russians will flood the market with oil as well.” 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/CHF: 2018 low reached – Commerzbank FX Street 3 years Saudi Arabia's decision to slash oil prices and boost output triggered the largest single day drop in oil prices since the 1990 Gulf War and economists at TD Securities are expecting an oil flood in the market. Key quotes “WTI crude is down more than 20% to $33/bbl, and follows on a 10% decline on Friday.” “The inability for Saudi Arabia and Russia to come to an agreement at OPEC talks held last week (Saudi Arabia wanting cuts, Russia pushing back on cuts) has effectively put an end to the co-operation between these two countries that had supported oil prices… 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.
