OPEC agreed to cut oil output by 4.2 million barrels a day from September production levels, Secretary-General Abdalla El-Badri said. The Organization of Petroleum Exporting Countries will cut output from a daily level of 29.045 million barrels three months ago, indicating a new quota target of 24.845 barrels a day. The reduction will take place from the start of next year.
Even with this bigger than expected cut, crude oil futures are trading down 4.2%. Sentiment is still very dark in the oil market and demand is falling rapidly.
Oil goes down on good news. Look for lower prices.
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