Oil: Markets await the result of production cuts – Westpac

Oil price did not move substantially after OPEC’s decision to cut production as investors are sitting to see Russia’s stance, strategists at Westpac report.

Key quotes

“On the bullish side, the potential for 600k of production cuts to offset lost demand in China appears to be on the table; on the bearish side, Russian resistance towards an emergency meeting means that any changes in production targets may not come until March.” 

“WTI is up 24c/ 0.47% at $50.98 having briefly traded above $52.”

“Brent though failed to make gains on the day, closing down 25c at $55.03.”