OPEC reached an « agreement » to limit oil production … and Oil prices rallied 3 USD yesterday. There were many such announcements in the last 2 years even tough this one seems a bit more convincing. Problem is that details of agreement have NOT been announced. The most obvious reasons are that OPEC usual game is to gain time and push oil prices via verbal interventions and more importantly that they have not arranged yet how the limitations will be splitted amongst members. The big unknown is Russia’s (which is out of OPEC) reaction : will they also also agree to curb production or go on with their current increase ? YES there is an agreement but lots of skepticism amongst analysts and traders about its implementation and feasability.
More to come with charts and key levels.