1:07 PM · 6 December 2019

BREAKING: OPEC+ reportedly agreed on deeper cuts

Various media outlets spread the information about an agreement among OPEC+ to cut output target by additional 500kbd. This was sought by the Saudis in a hope to secure higher price in Aramco sale. First such rumours emerged on Wednesday and the news of the decision doesn’t result in a major reaction. Actually, OIL.WTI looks quite fragile technically below the $58.60 resistance. Traders should bear in mind that we still await the key US NFP report later today (1:30pm GMT).

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