400kbpd from Russia. Bloomberg report on the deal

  • Iran was exempted from the cuts

  • Russia agrees to OPEC proposals

  • OPEC will bear 2/3 of cut, OPEC+ 1/3

Oil higher on the headlines. WTI is up $2.34 to $53.95. There was fear the deal could fall apart.

USD/CAD is down 86 pips to 1.3296 on a pair of dream headlines (including the blockbuster Canadian jobs report).