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CRUDE OIL AND GOLD TALKING POINTS: Crude oil prices have risen but perhaps not by much give the magnitude of proposes output reduction Risk appetite remains extremely fragile Gold prices have backtracked a little but remain near one-month highs Oil prices were higher in Asia Pacific trade on Monday thanks to news of an agreement to cut production reached by the Organization of Petroleum Exporting Countries and allies including Russia, the so-called ‘OPEC Plus’ group. The largest single output cut in history comes in response to demand destruction stemming from the coronavirus’ spread. It is intended to see 9.7 million barrels drained from the market every day from May 1. The decision markets the end of a dispute between Saudi Arabi and Russia. The two oil-export titans failed to agree on reductions at the start of March leading to a price war which battered prices and threatened to overwhelm storage facilities with a wave of cheap crude.