Oil Prices Slide As Traders Take Profits ...Middle East

OILPRICE - Economy
Oil Prices Slide As Traders Take Profits
source : OILPRICE ( Middle East ) () 26
After OPEC+ announced production cuts of about a million barrels daily last week, oil prices jumped, only to ease earlier today as traders took profits. The nominal size of the OPEC+ production cut was set at 2 million barrels daily but the actual cuts were agreed at between 1 million bpd and 1.1 million bpd, according to Saudi energy minister Abdulaziz bin Salman. The decision signaled even tighter physical oil markets ahead, pushing oil prices higher, although not as sharply higher as such a decision might have pushed them a couple of years ago…

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