OPEC+ agreed to increase the size of its oil-supply hikes by about 50%, in a deal that kept Russia at the heart of the cartel while also heeding pressure from major consumers including the US.
By Ole Hansen, head of commodity strategy at Saxo Bank
The Opec+ deal to curb production to the tune of 1.2m b/d over the coming months has helped stabilise and potentially create a floor in crude oil. However, while the supply outlook has steadied and created some support this week, the market remains worried about the ongoing trade war between the US and China and its potential negative impact on growth and demand into 2019.
