Oil dips as Saudi, OPEC flaunt minimum oil output cut ahead of meeting

Technical Analysis

Author: Justin Low | oil

OPEC members are saying most are expecting a cut of 1 million bpd

There's a host of headlines crossing the wires, but there is only one that matters. OPEC members are all mentioning that production cuts will be at 1 million bpd and the market isn't liking it. Price has now dipped by more than 3% on the day to $51.15 and is looking to head towards threatening the $50 handle in due time.

OPEC members are due to meet at the top of the hour before reportedly meeting with Russia tomorrow to finalise the oil output cuts here. It's almost certain that Russia will give the green light to cuts but it looks like it'll only be the bare minimum as to what markets are expecting.

Update: And the $51 handle gives way now as lows hit $50.93.

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