News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bullish
Oil - US Crude
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
Mixed
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Bullish
More View more
Real Time News
  • Struggling to define key levels? Floor-Trader Pivots assist traders in identifying areas in a chart where price is likely to approach and can be used to set appropriate targets, while effectively managing risk. Learn how to use this indicator here: https://t.co/Ye4m1FMKUW https://t.co/mAMhWbV6Jy
  • Make smart trading decisions with your free guide to trade the news. Download your free guide here.https://t.co/pb5E2KgRzW #DailyFXGuides https://t.co/E9ZmJvqO0z
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here: https://t.co/4jsORznRTE https://t.co/fqxw1AoKc1
  • Gold snapped a two-week losing streak but keeps price within the broader August downtrend. These are the levels that matter on the $XAUUSD weekly chart. Get your market update from @MBForex here: https://t.co/B3Jct6mIBD https://t.co/xTGIM2hRBv
  • $GBPUSD continues to move higher, despite Friday’s weakness, as vaccination hopes continue to fuel positive sentiment despite ongoing lockdown fears and downbeat UK data. Get your market update from @nickcawley1 here: https://t.co/S8UoHzOwFN https://t.co/qI6UZdggvM
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here: https://t.co/IsnpfJhp91 https://t.co/6wxX6oQurn
  • Recessions can devastate the economy and disrupt the fortunes of individuals, businesses, and investors. But economic decline in the business cycle is inevitable, and your trading can be defined by how you respond to crisis. learn how to prepare here: https://t.co/e4CnobJCss https://t.co/w009tJEQZn
  • Looking for a new way to trade reversals? One of the most used reversal candle patterns is known as the Harami. Like most candlestick formation patterns, the Harami tells a story about sentiment in the market. Get better with trading reversals here: https://t.co/rfwUWJfbz9 https://t.co/2AeO1AdD2M
  • MACD who? The Moving Average Convergence Divergence (MACD) is a technical indicator which simply measures the relationship of exponential moving averages (EMA). Find out how you can incorporate MACD into your trading strategy here: https://t.co/ZNs4Qi8ieG https://t.co/INJz4NSugQ
  • Knowing how to accurately value a stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here: https://t.co/QszmdZX8cS https://t.co/qdrsi61CN8
OPEC Reaches Deal To Cut Production; Brent Crude Jumps Over 12%

OPEC Reaches Deal To Cut Production; Brent Crude Jumps Over 12%

Omar Habib,

Talking Points:

- OPEC members agreed to cut by 1.2 million barrels per day.

- OPEC is likely to reach out to non-OPEC members to coordinate a deal.

- Crude Oil jumped over 12% on the news and earlier reports that such a deal was in the making..

OPEC members ended months of keeping markets on edge by securing a deal to cut output by 1.2 million barrels a day. This cut brings the group’s total production down to 32.5 million barrels a day, beginning January 2017. The cut is split across most members of the group, here is a breakdown:

Saudia Arabia: Cut 486,000 B/D

Algeria: Cut 50,000 B/D

Ecuador: Cut 26,000 B/D

Angola: Cut 87,000 B/D

Gabon: Cut 9,000 B/D

Iraq: Cut 210,000 B/D

Kuwait: Cut 131,000 B/D

Qatar: Cut 30,000 B/D

UAE: Cut 139,000 B/D

Venezuela: Cut 95,000 B/D

*Iran: Allowed to increase production by 90k B/D

**Libya and Nigeria exempted from production deal

OPEC also mentioned that they are likely to reach out to non-OPEC members, saying that the final production cut agreements have to include both OPEC and non-OPEC producers. OPEC members say they are targeting a price range of $50 to $60 a barrel.

Russian Energy Minister Alexander Novak spoke later in the day saying that Russia would gladly join OPEC in cutting production, willing to cut up to 300k barrels per day. Non-OPEC members meet in 10 days to discuss cooperation with OPEC in production cuts.

See the DailyFX economic calendar for Wednesday, November 30, 2016

Chart 1: Brent Crude Oil 1-hour Chart (November 30, 2016 Intraday)

OPEC Reaches Deal To Cut Production; Brent Crude Jumps Over 12%

Brent Crude had been tracking higher since late last night, when rumors first began to circulate that OPEC may reach a deal today. It has rocketed higher over the day, as news came out of the deal and by how much the cut will be. Late last night it dipped below $46 and, by the time of writing, was around $51.41.

--- Written by Omar Habib, DailyFX Research

For comments or questions, e-mail feedback@dailyfx.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES