Saudi Arabia freezes oil output at 11 Jan levels

Author: Mike Paterson | Category: News

Comments out a short while ago from the Doha meeting

Russia, Saudi Arabia, Qatar and Venezuela to freeze output levels

  • Saudi Arabia says freezing to 11 Jan levels is adequate
  • Russia says the four are ready to freeze if others join in the move
  • Qatar says the move will help stabilize market
  • Venezuela oil ministers will meet with Iran and Iraq tomorrow
  • Russian econ minister says its too early to talk about long term impact of agreement on oil price or rouble

That highlighted Russian comment with the proviso suggests the deal isn't yet quite done and would help to explain the sharp retreat from the headline-led spike.

The news has been sending oil prices spinning around  with Brent up to $35.55 and WTI to $31.53  before falling back in rapid time. Currently $34.18 and $30.10.

Good luck out there if you're trading it or related currencies 'cos the black stuff definitely has a dark side right now.

USDCAD fell from 1.3740 to 1.3707 in a rush on the headline before rallying sharply to 1.3820 and then dipping back to 1.3790

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