Oil price war – Opec secures record global oil cuts under US pressure
On Sunday, Saudi Arabia and Russia Ended their oil price war by making the biggest oil production cuts in history, following pressure from US president Donald Trump to support the energy industry at this coronavirus pandemic.
A big hope given to US oil and brent oil for moving up. Thousands of jobs in Oil industry will be saved by this massive production cut as per Trump tweeted (click here to see trump tweet)
Opec announced it would cut 20 million barrels a day in oil production in May and June. it’s nearly 20% of global supply.
In order to stabilize gloabl crude oil markets, they continue to have lower reductions until April 2022.
Boris recovered from Covid-19 will give Positive Impact on GBP
UK Prime Minister Boris Johnson recovered from Covid-19 and plan to resume parliament this week. It makes positive impact on GBP, Great Britain pound will get stronger.
UK Finance Minister Rishi Sunak says “UK’s GDP may fall upto 30% due to amid coronavirus crisis”.
We can expect uncertain volatility on GBP pairs. Take your trades always with stop loss for safety of your trading account.
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