After four days of intense negotiations, oil producers managed to ink a deal to cut output by an unprecedented amount, strategists at ANZ Bank report. Key quotes “The OPEC+ alliance was brought back from the dead and agreed to cut output by 9.7mb/d. This amounts to a 23% reduction in output by these members.” “This should help support prices in the short term, and it significantly reduces the risk of prices dropping into the teens as it officially ends the price war that Saudi Arabia and Russia started only a month ago.” “Crude oil futures will likely find some stability on this news this week. But we suspect any rally will be relatively short lived, as the reality of the situation dawns on traders. The market is awash with crude and we are likely to see inventories continue to rise in coming months.” 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 AUD/USD eases from multi-week tops, back near 0.6400 mark FX Street 2 years After four days of intense negotiations, oil producers managed to ink a deal to cut output by an unprecedented amount, strategists at ANZ Bank report. Key quotes “The OPEC+ alliance was brought back from the dead and agreed to cut output by 9.7mb/d. This amounts to a 23% reduction in output by these members.” “This should help support prices in the short term, and it significantly reduces the risk of prices dropping into the teens as it officially ends the price war that Saudi Arabia and Russia started only a month ago.” “Crude oil futures will likely find some stability… 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.
