Oil Prices Crash Towards $20 Despite Historic Cuts

OPEC+ agreed to the largest oil production cuts in history on Thursday, but oil prices crashed towards $20 as markets decided that a 10 million bpd cut was insufficient to balance the demand deficit. Today, the G20 will meet to discuss more cuts and more details will likely come out about the OPEC+ deal. Markets are closed today and so all eyes will be on developments over the weekend.

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