Daily Traders Edge

Oil in ‘tumultuous’ week after output freeze deal

February 19
18:52 2016

The oil market was gripped this week by an output freeze deal between the world's top two producers Saudi Arabia and Russia. Prices initially rebounded on Tuesday, before hitting reverse as traders assessed the conditional agreement between Saudi Arabia and Russia and two other producers to limit output. In a bid to stabilize an oversupplied market, Russia and OPEC members Saudi Arabia, Venezuela and Qatar announced Tuesday that they had reached a preliminary deal to freeze output at January levels, provided that other major producers followed suit.

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