Oil moved higher on headlines saying that OPEC+ agreed on output cuts. Saudi Arabia will extend its voluntarily 1 million bpd output cut while OPEC+ will also make additional million bpd output cut on top of that. Such an outcome was strongly hinted by media reports yesterday and earlier today and therefore market reaction is fairly muted. Brent (OIL) jumped around 0.6% on the news and did not even manage to paint a fresh daily high. A big part of the move was erased already.
Source: xStation5
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