The moves came after OPEC and its allies, known collectively as OPEC+, finalized an agreement to cut production by 9.7 million barrels per day. That's the single largest output cut in history.
Developments surrounding the global coronavirus pandemic are also likely to continue weighing on investor sentiment, with more than 1.8 million confirmed cases globally while at least 112,241 lives have been taken, according to data compiled by John Hopkins University., which tracks the greenback against a basket of its peers, was last at 99.474 after declining from levels above 100 last week.
Same thing happens to the wall street. Nothing in economy can move the market even with $2T+ public aid package. All wall street does is to fool the investors by inflating its speculation on the gov financial promises. Whoever bets on the oil speculation, laugh now and die later.
Crude demand destruction and limited storage may send crude to $10 MarketWatch BloombergNRG PlattsOil OilandEnergy CrudeOilPrices stephoilpricing
Colluding with your competitors to fix a price is illegal.
Might as well cut production. There's no place to store all the extra oil.