India
2020-04-14 12:21
Market analysisOil Up on Back of Historic Production Cuts
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Market analysis:
Oil prices were up on Tuesday as an emergency OPEC+ meeting finalized a 9.7 million-barrel cut in daily production on Sunday, the largest in its history.
International Brent Oil futures rose 1.13% to $32.27 by 9:48 PM ET (2:48 AM GMT) and U.S. Crude Oil WTI futures gained 1.87% to $.22.83.
The cut will begin on May 1, decreasing to 7.7 million barrels from July until the end of the year. It will decrease further to 5.8 million barrels from January 2021 to April 2022. OPEC+ is scheduled to meet again on June 10 to discuss further action.
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Oil Up on Back of Historic Production Cuts
India | 2020-04-14 12:21
Oil prices were up on Tuesday as an emergency OPEC+ meeting finalized a 9.7 million-barrel cut in daily production on Sunday, the largest in its history.
International Brent Oil futures rose 1.13% to $32.27 by 9:48 PM ET (2:48 AM GMT) and U.S. Crude Oil WTI futures gained 1.87% to $.22.83.
The cut will begin on May 1, decreasing to 7.7 million barrels from July until the end of the year. It will decrease further to 5.8 million barrels from January 2021 to April 2022. OPEC+ is scheduled to meet again on June 10 to discuss further action.
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Commodity
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