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Saudi Arabia, UAE reportedly reach compromise over oil output deal

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Reuters with the headline, citing an OPEC+ source

Oil slips on the news as both sides reach a compromise, with the UAE to have a higher oil production baseline at 3.65 mil bpd for future oil deals. An OPEC+ meeting is said to be arranged soon to formalise the agreement.Invest in yourself. See our forex education hub.

WTI

WTI falls 1.5% to $74.10 but this is a dip worth buying into in my view as much of this is already priced in and it doesn’t really shake up the fundamentals by much.

Update: Oil dips quickly bought up as price jumps back to $74.85 from a low of $74.07.



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