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The oil price will continue to react to talks between producers about production cuts. The US is key, with President Trump reluctant to commit to meaningful output cuts, strategists at ANZ Bank inform.

Key quotes

“Prices recovered some of the early losses, as both Russia and Saudi Arabia suggested they would be willing to cut production but only if the rest of the world followed suit.” 

“Trump’s meeting with oil executives over the weekend painted a picture of an industry that doesn’t want to give up what it built over the past decade.”

“With US Energy Secretary, Dan Brouillette, holding productive talks with Saudi Arabia and Russia, the market is hopeful of some sort of agreement.” 

“The reality of an oversupplied market was evident on the release of EIA’s weekly report. Inventories in the US rose 13.83mbbl last week, much higher than expected.”