OPEC member nations agreed in Vienna on Thursday to curb oil production by 1.5 million barrels per day in the second quarter of 2020. The move comes despite Russia staying non-committal to the production cuts. The move comes as OPEC nations attempt to keep oil prices stable in the aftermath of the virus outbreak.
WTI Crude Oil Slips Back to Support
WTI crude oil prices gave up the modest gains made earlier in the week. Prices are now testing the support area of 46.50. This level could prove to be crucial. A downside breakout will trigger declines to the 45.20 region. Alternatively, if the support holds, we expect the gains to see a push-through to the 50.00 resistance.
