OPEC: the deal has been reached. The Brent jumps above $50

Posted in News

After months of negotiations, the Opec has reached an agreeement to cut the production to 32.5 million of barrel per day.

The uncertainty of the last days pushed down the price on sunday evening, but today, after nthe news, the prices of the main oil benchmark rallied, with the Brent which reached a peak at $52.35 and the West Texas Intermediate jumped to a high of $49.89, confirming the immediate impact of this long awaited deal.

This agreement was studied to drain record global oil inventories, and bypassed discussions and uncertainty between the main oil producers (Saudi Arabia, which is producin over 10 million barrel per day, Iran and Iraq) and is expected to help the oil trying to recover, after losing over 50% of its price in the last 24 months.