by Chris Becker
Last night saw oil prices suddenly drop nearly 4% despite a communique from OPEC/Russia that it intends to extend its production cuts, or about 1.2% of total global demand for another nine months to support the market. Why the divergence?
The daily charts of Brent and WTI Crude show how the nascent price recovery from the start of year correction has been thwarted in almost one session, with Brent in particular on the backfoot:
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