RBC say the OPEC+ agreement is a positive - the cartel is not headed for fracture

OPEC+ has reached an agreement to boost supply:

• OPEC+ agrees to deal that will see 400k bpd added monthly

Which should, on the face of it, ease a tight market somewhat and be a negative input for the price.

Not necessarily is an argument I've seen a few times already since the deal was reached. RBC, for example, say that the deal should comfort oil market traders that OPEC+ is not headed for a 'messy break up', no oil supply floodgates will be opened up anytime soon.

The response from markets to the new news has been a marking down of the pice on Globex Sunday evening trade. WTI futures under $71.