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WTI surges on production cut expectations

Discussion in 'Forex Trading Signals & Forecasts' started by Sandra S., Jan 29, 2016.

  1. Sandra S.

    Sandra S. Forum Member

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    The heightened fears over the excessive oversupply of oil in the markets have created an explosively volatile environment which continues to allow ongoing expectations of possible production cuts to translate into speculative boosts in the oil price. During trading on Thursday, WTI surged to fresh weekly highs at $34.75 following a report that Russian energy minister Alexander Novak which declared that Saudi Arabia had proposed a 5% production cut in each of the OPEC members. This unverified

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