Lots of noise on the oil output deal today but oil less than impressed 24 May
Oil has found a bit of dip demand after seemingly suffering from fatigue and the earlier falls despite more producers supporting a 9 month extension at tomorrow's OPEC/non-OPEC meeting in Vienna
Both Venezuela and Kuwait have come out in favour to add to the growing list.
Oil not impressed though (perhaps traders were hoping for longer) and we've seen WTI fall from $51.89 to $51.38 before running into a few buyers. Brent similarly less than keen to hold gains and fallen to $54.12 from $54.62
As I said previously this morning it seems to me like that news is factored in so risk could be to the downside unless they go for deeper cuts or longer extension. Either way though I think rallies can be faded.
We'll know soon enough.
USDCAD has also fallen down through 1.3500 from 1.3535 despite the oil retreat with more than one eye on the BOC interest rate decision at 14.00 GMT
WTI 15m
Brent 15m
