OPEC said to be pushing for more than 1 mil bpd of output cuts. Russia said to have opposed plans to deepen OPEC+ output cuts by 1.2 mil bpd. We can't forget BOC rate decision ahead and which should create some volatility in the loonie and it might have some positive or negative effect equal for oil aftermath but I think there are hidden bulls at the oil market.
Nota
OPEC+ is discussion option of 1.5 mbpd output cutNota
Wednesday’s oil-price swings also came with stocks rallying after former Vice President Joe Biden won a string of states in Super Tuesday’s Democratic primaries, setting up a showdown with Vermont Sen. Bernie Sanders for the party’s presidential nomination. Mr. Biden’s more moderate policy stances are appealing to some investors who fear the ideas put forth by Mr. Sanders would challenge businesses and weaken the world economy.Nota
Some investors expect OPEC’s response and a number of interest-rate cuts around the globe to help oil halt its downward spiral.
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