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Lawrence McOchillo

Will Saudi Arabia and Russia reach a deal today?

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Well, new reports indicate that Saudi Arabia and Russia did reach a deal today where the countries agreed to oil output cuts of up to 10 million bpd, but investors remained unconvinced that the two sides would uphold such a deal. There was no joint statement issued by the two parties and the news reports are mostly based on rumours.

On the other hand, crude oil prices crashed as investors braced for a no-deal situation. Investors could also have been reacting to the falling rig count in the US indicating that shale producers are finally feeling the impact of the depressed oil prices.

Today's events are the reason why our traders make their trade recommendations based on technical analysis methods as they do not trade fundamental events such as today's meeting. You can see that oil prices fell despite rumours that the two countries had agreed on major supply cuts.

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