OPEC, Russia and other oil producing nations agreed on Sunday to cut output by a record 9.7 million barrels per day for May-June, representing around 10% of global supply, to support oil prices amid the pandemic, according to sources. The agreement, could put a floor on oil prices and provide a psychological boost for equity investors, since talks had hit roadblocks late last week. If it was a bigger cut “then you would’ve seen oil prices strengthen to $30 very quickly and that would be helpful for equity markets but we didn’t get that,” said Peter Cardillo, chief …read more
Source:: Yahoo Finance
