Oil price rallies as Iraq says they would be willing to cut output if others do
Iraqi oil minister comments being reported earlier
- Saudi and Russia more flexible on output cuts
Brent up to $30.66 from $29.27 lows. WTI $30.46 from $29.25
These are fragile times and the merest talk of output cuts seemingly enough to have traders running for cover.
Equities rallying on the price action and usual FX reaction too.
USDJPY back to 118.33 but EURJPY being contained again by euro retreat.
GBPJPY demand along with EURGBP losses also giving GBPUSD a lift back up from 1.4175 to 1.4205
Earlier I ran this on OPEC looking to stabilize markets.