Source: Saudi supports OPEC+ oil cut extension into May-June – Reuters
|Ahead of Thursday’s key meeting between the Organization of the Petroleum Exporting Countries (OPEC) and allies, mostly known as OPEC+, Reuters came out with the news suggesting an extension of output cut to May-June.
“Saudi Arabia is prepared to support extending oil cuts by OPEC and allies into May and June and is also ready to extend its own voluntary cuts to boost oil prices amid a new wave of coronavirus lockdowns,” said the news while relying on an anonymous source.
The report also highlights the oil producers’ concern while saying, “They don’t see demand as yet strong enough and want to prevent prices from falling”.
Market reaction
Following the news, WTI begins Tuesday’s trading on a front-foot, up around $62.00 by the press time, while extending the previous day’s recovery moves.
Also read: US seeking to break Iran nuclear deadlock
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.