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OPEC+ agreed steep oil production cuts

OPEC+ agreed steep oil production cuts | 06 October 2022

06 October 2022, GBP/USD

GBPUSD trading plan:

OPEC+ agreed steep oil production cuts, curbing supply in an already tight market, causing one of its biggest clashes with the West as the U.S. administration called the surprise decision shortsighted. OPEC's de-facto leader Saudi Arabia said the cut of 2 million barrels per day of output - equal to 2% of global supply - was necessary to respond to rising interest rates in the West and a weaker global economy. The White House said President Joe Biden would continue to assess whether to release further strategic oil stocks to lower prices. Biden travelled to Riyadh this year but failed to secure any firm cooperation commitments on energy.

Investment idea: buy 1.1300 and take profit 1.1370.

David Johnson
Analyst of «FreshForex» company
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