The crude oil output of the Organization of the Petroleum Exporting Countries (OPEC) fell 640,000 barrels per day (bpd) in January to 28.35 million bpd amid the new output cut deal, the departure of Ecuador from the group and the unrest in Libya, Reuters reported on Friday. “A new production cut agreement by OPEC and allies including Russia started on Jan. 1. The deal deepens an existing supply curb of 1.2 million barrels per day by 500,000 bpd. OPEC’s share of the 1.7 million bpd cut is 1.17 million bpd,” Reuters explained. Crude oil reaction The barrel of West Texas Intermediate (WTI) rebounded modestly on this headline and it was last seen trading at $52.15, earning 1.45% on a daily basis. 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 Buy the JPY, sell the AUD? – Rabobank FX Street 2 years The crude oil output of the Organization of the Petroleum Exporting Countries (OPEC) fell 640,000 barrels per day (bpd) in January to 28.35 million bpd amid the new output cut deal, the departure of Ecuador from the group and the unrest in Libya, Reuters reported on Friday. "A new production cut agreement by OPEC and allies including Russia started on Jan. 1. The deal deepens an existing supply curb of 1.2 million barrels per day by 500,000 bpd. OPEC's share of the 1.7 million bpd cut is 1.17 million bpd," Reuters explained. Crude oil reaction The barrel of West Texas… 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.
