US Energy Department: US producers expected to cut oil output by about 2 million bpd
|Oil producers in the US are expected to cut the oil output by about 2 million barrels per day, Reuters reported on Tuesday, citing a report published by the US Energy Department.
Meanwhile, US Energy Secretary Dan Brouillette confirmed that he will be participating in the virtual G20 meeting on Friday to talk about stabilizing global oil markets.
Market reaction
The barrel of West Texas Intermediate (WTI) continued to push lower on these headlines and was last seen trading near $26, erasing around 1% on a daily basis.
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.