There’s been a sharp move higher in both Oil and Oil.WTI in recent trade after Reuters reported that OPEC are to consider deeper oil cuts at the December meeting. The story which cites 4 OPEC+ sources say the measures are due to the demand growth outlook in 2020 with the cartel stating the first steps will be to push for better compliance with the current quotas - Iran and Nigeria are among the countries that have failed to properly comply with cuts.
Oil has jumped to its highest level of the day as the news hit the wires, with price running up to the prior highs around 60.25 before meeting some resistance. Source: xStation
