Delegates: OPEC+ committee didn't discuss deeper output cuts
- 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.
WTI update
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.
Author
Ross J Burland
FXStreet
Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.
