OctaFX | OctaFX Forex Broker
Open trading account
Back

OPEC's oil-cut pledge is vague - Report

According to a Reuters report, OPEC’s supply-cutting deal agreed last week was rather vague as it did not publish individual oil output targets. 

Analysts are saying that if each OPEC country is believed to curb output by the expected 2.5%, the reduction would amount to something of around 700k bpd, smaller than the 800k bpd that was announced. 

However, precise plans from top exporter Saudi Arabia boost the agreement’s credibility and actual supply cuts could exceed the promised volume. Saudi Arabia said that it would reduce output to 10.2 million bpd in January, going far beyond a 2.5% reduction from October production of 10.64 million bpd.

The headlines are really not helping the sentiment around oil markets, with WTI crude falling rather falling sharply to fresh daily lows, down over 1% to mid-$50.00s.
 

PBoC Governor Yi Gang: Downward pressure on the economy is increasing

PBoC Governor Yi Gang was out with some comments in the last hour and said that China's economic growth has neared potential rate. He was further not
Read more Previous

GBP/USD Technical Analysis: Intraday positive momentum stalls near 200-hour SMA

   •  The intraday positive momentum faced rejection at 200-hour SMA, with the pair quickly retreating over 25-30 pips from an intraday high level of
Read more Next
Start livechat