OPEC+ ministers won’t shake on deal to up cuts – Energy Intel

Ross J Burland FXStreet

According to Energy Intel, OPEC+ ministers won’t shake on deal to up cuts. There will be no handshakes when "Opec-plus" oil ministers meet, but delegates are hopeful a deal will be struck to counter the impact of the coronavirus.

Market implications

The price of oil has been in recovery on the prospects of intervention and production cuts. The Federal Reserve's rate cut is also likely to be factored-in and boost the commodity- complex, +0.88% in the CRB index today. The VPOC of the 2020 range is located at $51.58 as an upside target, falling just shy of a 38.2% Fibonacci retracement level and prior support levels on a weekly time frame.

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.

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