Oil futures were spooked by the promise of more oil from the Opec and non-Opec alliance and sold off hard thinking that the strong production cuts made since the start of 2017 might come to an end. Opec’s de facto leader Saudi Arabia and non-Opec head Russia signaled to the market on Friday that they can put as much as 1 million barrels per day back into the market to prevent prices from spiking (related).
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