The OPEC+ has agreed to reduce output by 9.7 million barrels per day for the coming May and June, after four days of talks. U.S. President Trump added pressure by threatening leader Saudi Arabia with Oil tariffs and other measures if it did not fix the market’s oversupply problem.
“The big Oil Deal with OPEC Plus is done,” Mr Trump said on Twitter on Sunday. “This will save hundreds of thousands of energy jobs in the United States. I would like to thank and congratulate President Putin of Russia and King Salman of Saudi Arabia. I just spoke to them from the Oval Office. Great deal for all!”
News of the deal briefly lifted oil prices on Monday, but those gains faded over the course of the day. Oil prices remained under pressure on Tuesday, dropping below $30 a barrel, with traders remained unconvinced that a deal to cut almost 10 percent of the world’s oil supply could prop up a market devastated by the coronavirus pandemic.
ABOUT INGOT BROKERS
INGOT Brokers is a premium multi-asset online brokerage firm. It offers trading opportunities across a variety of financial instruments including forex, agricultural commodities, energies, metals, cryptocurrencies, ETFs, shares, and indices, via the world's most popular trading platforms: MetaTrader 4 and MetaTrader 5.
DISCLAIMER: The information contained here is of a general nature only, and does not consider your personal circumstances, financial situation, or needs. Before deciding to trade, please ensure you understand the risks involved and take into account your level of experience. Trading leveraged products incur a high level of risk and can result in great losses. Therefore, it may not be suitable for all investors.: This content is for presenting general information only. Any research or information mentioned here is objective and does not take into regard your financial position, investments, or objectives. INGOT Brokers (Australia) Pty Ltd accepts no responsibility for any use that may be made of these comments and for any resulting consequences. We do not give any warranty in regard to the completeness of this information or its accuracy and thus its use. Leveraged trading carries a high risk and is not suitable for all, and anyone who uses leverage is doing so entirely at their own risk.