Saudi Arabia delivers a larger cut
The rumour was for 400Kbpd but this is a surprise. They say production in Saudi Arabia will fall to 8.125mbpd from Feb 1. I have them at 8.990mbpd in Dec so that's not quite 1 mbpd. I'm not sure what the discrepancy is but that's a big cut either way and a positive surprise for oil.
WTI is at the highs of the day, up $2.45 to $50.13. A big, bullish candle is starting to take shape. I could see a squeeze into the close as well:
