OIL PRICES NEWS UPDATED BY OCTAMX.COM (CONTACT-95577 53468 )

All OPEC and non-OPEC members including Russia voted unanimously to pass the nine-month extension of their agreement to cut production by 1.2 million barrels per day in the last day of meetings in Vienna on Tuesday.

The news provided some support to prices today but analysts at ING stressed that “the agreement for this extension was the bare minimum and it’s not enough. We need a deeper cut in order to lift prices.”

In other news, the American Petroleum Institute reported that U.S. crude inventories fell by 5 million barrels last week, more than the expected decrease of 3 million barrels

 

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