Saudi Arabia, UAE reportedly reach compromise over oil output deal

Author: Justin Low | Category: News

Reuters with the headline, citing an OPEC+ source

Oil slips on the news as both sides reach a compromise, with the UAE to have a higher oil production baseline at 3.65 mil bpd for future oil deals. An OPEC+ meeting is said to be arranged soon to formalise the agreement.Invest in yourself. See our forex education hub.

WTI falls 1.5% to $74.10 but this is a dip worth buying into in my view as much of this is already priced in and it doesn't really shake up the fundamentals by much.

Update: Oil dips quickly bought up as price jumps back to $74.85 from a low of $74.07.

By continuing to browse our site you agree to our use of cookies, revised Privacy Notice and Terms of Service. More information about cookiesClose