News hitting the wires that OPEC are considering extending their production cuts has provided a boost to the price of oil with Brent moving off near its lowest levels of the day. The market has been under pressure in recent weeks with an incredible run of lower closes seeing just 2 green candles on a daily chart in the past 18 trading sessions. This has seen price fall back to a similar level to where it was last November before OPEC announced the cuts to its output.

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 The news saw a spike of around 50 pips in a matter of minutes in the price but there has yet to be any follow through. With the next OPEC meeting scheduled for the 25th May the next few weeks will likely see several will-they-won’t-they rumours surrounding the possibility of extending the current cuts and this could well lead to volatile short-term moves in price.