Oil extends gains after Opec+ agrees to slash crude output.  Read news

Opec+ agreed to further tighten global crude supply with a deal to slash production by about two million barrel per day, the largest reduction since 2020. Given that production at some of the Opec+ countries are below target levels, the actual cut would be smaller than the two million bpd reduction.

More than half of the one million bpd supply cut is expected to come from the world’s top exporter Saudi Arabia, 

A draw in US SPR  last week also supported prices. Crude inventories dropped by 1.4m barrels in the week ended Sept 30 to 429.2m barrels (EIA).

Brent trading at $93.3 and WTI at $87.6.

See OPEC production caps. Twt.

Gold has risen close to 7% after touching a low of $1615 last week. see