Ahead of tonight's API inventory data, WTI Crude prices wer fading after 5 straight days higher. That was until WSJ reports Saudi Arabia wants OPEC to extend production cuts, sending oil prices spiking higher...
Reuters additionally reports that OPEC states cut oil output in March by more than they pledged under supply curbs, according to figures the exporter group uses to monitor its supply, extending a record of higher-than-expected adherence to its first production cut in eight years. The Organization of the Petroleum Exporting Countries agreed to cut output by about 1.2 million barrels per day (bpd) for six months from Jan. 1 to prop up prices and reduce a glut. Russia and 10 other non-OPEC states agreed to cut half as much. Production from the 11 OPEC members with output targets under the deal has averaged 29.757 million bpd in March, according to average assessments of secondary sources OPEC uses to monitor its output. The figures were seen by Reuters.
"OPEC's compliance has been more than anticipated," an OPEC delegate said. "For non-OPEC, it is satisfactory and getting better."
And crude spikes...
This was not the catalyst for stocks' move though as they broke higher earlier./..
The question is how long will this 'jawbone' last?