WTI turns negative as Oman OilMin says no discussion of deeper oil cuts so far

Dhwani Mehta FXStreet

Reuters quotes sources familiar with ongoing discussions at the OPEC meeting in Abu Dhabi, saying that the OPEC+ is said to be discussing improving output cut compliance.

The sources added the improvement may see an effective reduction of around 400k barrels per day (bpd).

However, the Oman Oil Minister was quick to clarify that there was no discussion of new deeper oil cuts was in today's meeting.

He further said that the oil outlook is not very good for 2020 as demand growth slows down.

WTI accelerated its declines and hit a low of 55.39 last hour before recovering slightly to near 55.60 region, where it now wavers.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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