- The Organization of the Petroleum Exporting Countries+ committee, (OPEC+) didn't discuss deeper output cuts according to delegates.
- WTI is jumped to print fresh highs of $56.78 on the headline and subsequently moved lower to US session lows of $56 the figure.
OPEC+ is meeting in Vienna this week where bulls were hoping for an accord for deeper cuts in order to avoid a plunge in oil prices.
Discussions of a plan to increase an existing supply cut of 1.2 million barrels per day (bpd) by a further 400,000 bpd and extend the pact until June, were expected to have been discussed at the meeting according to two sources familiar with the matter who told Reuters.
However, this is the Joint Ministerial Monitoring Committee ahead of tomorrows key meeting – and the Joint Technical Committee made no recommendations on length of any cut extension today. More will be revealed after tomorrow's crucial meeting, but for now, there is word that the OPEC secretariat seems confident that the world won’t fall into recession.
The price of oil has corrected the initial spike to session highs and has subsequently bled out to a US session low of $56 the figure ahead of today's API data.
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.