The IEA and OPEC, two of the biggest voices in the oil markets
OPEC have agreed to extend production cuts to the end of 2018 as the cartel aim to re-balance the oil market.
OPEC and its allies meet in Vienna this week to discuss production strategies.
The oil market has rebounded with buyers paying a premium to receive their barrels speedily.
Oil has dwindled towards $55 per barrel as traders are wary of OPEC and Russia’s commitment to extend supply cuts beyond March 2018.
Crude oil shifted lower overnight, falling below $55 per barrel.
After a series of arrests of Senior Saudi political and business moguls last weekend, investors are concerned that Saudi Arabia is more risky than previously thought
Oil prices reached $64 per barrel as an anti-corruption crackdown ensues in Saudi Arabia.
Oil marched higher overnight, after Saudi support of the extension of supply cuts until the end of 2018.
The European Central Bank announced it would start to withdraw from its easy money scheme by reducing its bond purchasing programme by €30 billion, as expected.