According to Bloomberg
- OPEC members said to seek compromise to overcome Iran dissent
- Saudi Arabia and Russia said to work on making oil alliance permanent
That should be a relief for oil as the increase in the output isn't as much as anticipated earlier. WTI now moves to $64.63, near the highs for the day on the back of the headline.
But with all things oil (or anything like this), it isn't done until it is done. So far, there's ranging opinions on the new agreement with hikes between 300k to 1.5 million bpd. Expect some spikes here and there when headlines like these cross the wires in the next few days.
USD/CAD also dragged lower on the back of the headline, falling to a session low of 1.3166.
