OPEC++ agreed to a cut in oil production of 10 million bpd in principal, however, Mexico isn’t “all in” and may throw the deal into chaos. European finance ministers agreed on a rescue package worth roughly $540 billion Euros. Will this be enough to support the fragile EU? Stock markets are acting like the worst of the coronavirus is behind us, but why then is the Fed throwing $2.3 trillion at small businesses and increases stimulus? This week will be all about watching if promises are held among OPEC++ countries. In addition, traders will be watching for signs to determine if the worst of the coronavirus is behind us.
OPEC and Russia seem to have settled their differences between each other and brought the rest of oil producing countries together to discuss oil production cutbacks. The result was an agreement by the world cutback oil production by 10 million barrels per day. However, at the time of this writing, Mexico isn’t fully on board with the plan, although the US…
