Oil prices surged after Saudi Arabia announced that it will slash its output levels by 1,000,000 barrels per day (bpd) over February and March!
The shock decision was in stark contrast to market expectations leading up to this past Monday’s OPEC+ meeting, with the alliance of major Oil producing nations due to decide whether or not to hike output levels by 500,000 bpd again in February.
The shock announcement saw Crude oil prices breaching the psychologically-important $50/bbl mark for the first time since February. However, with its relative strength index now flirting with overbought… Read More:
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