WTI takes a hard hit as the long-rumored 9-month extension comes to fruition
WTI daily:
OPEC hasn't made the announcement yet but according to at least a dozen reports and officials, it's a done deal. Quotas at current levels will be extended for 9 months.
It's been rumored, if not confirmed, for more than a week. It shouldn't be a surprise to anyone but, evidently, there were hopes for more. Or hedgers were waiting/hoping for some kind of pop to sell into.
That hasn't happened. Instead, crude as been beaten up. It's down $1.85 to $49.50 at the moment, with a $1.20 fall in the past hour.
