- The price of oil shoots higher on demand side bias.
- G20 pans out bullish for global growth demand prospects for oil.
- Iraq's oil minister suggests prices are on the low side and $70 plus is a good price.
Following the news that Russia has agreed with Saudi Arabia to extend the deal with OPEC on reducing oil output, as well as a trade war truce between China and the US and today's comments from Iraq's oil minister ahead of the OPEC meeting beginning Monday in Vienna, the price of a barrel of oil has shot higher up to the $60 handle.
Iraq's oil minister:
- We have open mind on oil output deal extension.
- Fully endorses extension to end of year, no objection to nine months
- Any decision by OPEC, OPEC+ must be taken within premises of OPEC.
- On deeper cuts, says it's too early to say.
- Says oil prices are on the low side, $70 plus is a good price.