Crude Oil Price News and Forecast: WTI oil forms Doji candle even though OPEC and Russia agree to deepen cuts
|The OPEC ministers agreed on the 500k cut proposal
The countries that make up the OPEC oil-producing cartel have been talking into the night where deep cuts to production have been proposed, a solution to support the price of fuel around the world. As it stands, OPEC nations have agreed to cut production by 1.2 million barrels per day through March but the group was discussing a further cut of 500,000 barrels a day "in order to safely go through the seasonal demand trough in the first quarter 2020," Russian Energy Minister Alexander Novak, had said earlier in the day.
There are news wires are now reporting that OPEC and non-OPEC members have reduced the total to 5,000 barrels more than the previous agreement. It is an agreement in principle and details and final distribution will need to be discussed later today.
WTI oil forms Doji candle even though OPEC and Russia agree to deepen cuts
WTI oil on Thursday witnessed two-way business and ended on a flat note, forming a Doji candle, despite the Organization of the Petroleum Exporting Countries (OPEC) and Russia agreeing to make further small cuts in oil production.
The cartel and Russia decided to deepen the existing 1.2 million barrels per day cut in output by additional 500,000 barrels per day through the end of March 2020.
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