Oil moves higher as OPEC reaches agreement

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OPEC reached the agreement to hike production from current levels. On paper the hike will be about 1 million barrels per day but in real terms it should be about 0,7 million barrels per day. Saudi Arabia said that output hike will depend on which nations have capacity and will be proportional by capacity. The oil price has reacted positively to these reports because there was a risk of failure to reach an agreement and risk of much more supply on the market. The price of the WTI oil price is higher by almost 2 USD today (3,3%).

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