Delegate cited by Bloomberg
That's means the full proposal from Algiers was accepted and that the paper circulated yesterday was agreed on. That's the close high end of what the oil bulls would have hoped for but it's less than the rumored 1.4 mbpd earlier.
WTI is at $48.79, testing the November highs.
I'm a bit surprised we aren't seeing fresh highs.
Update:
Reuters, citing a source, is now also confirming a cut.
If this is all the bulls can muster, you have to respect the risk of a 'sell the fact' type of trade.
