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Crude Holding Steady After OPEC+ Cut and EIA Stock Draw

OIL

Crude holding gains from yesterday after OPEC+ cut production by 2mbpd for November and December, the maximum expected ahead of the meeting.

The group decided to implement a cut to stabilise the market against a backdrop of falling demand due to economic concerns and to encourage investment with limited spare capacity. The Saudi Minister stated their commitment to be proactive and pre-emptive in a market of very high uncertainty. The real cut is likely to be around 1 to 1.1mbpd due to OPEC+ member underproduction.

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Crude holding gains from yesterday after OPEC+ cut production by 2mbpd for November and December, the maximum expected ahead of the meeting.

The group decided to implement a cut to stabilise the market against a backdrop of falling demand due to economic concerns and to encourage investment with limited spare capacity. The Saudi Minister stated their commitment to be proactive and pre-emptive in a market of very high uncertainty. The real cut is likely to be around 1 to 1.1mbpd due to OPEC+ member underproduction.

Keep reading...Show less