As we mentioned in the beginning of the week, the two critical events of the week were OPEC’s meeting and US employment report. Both surprised the market to the upside. For the former, OPEC announced after the meeting in Vienna that it targets to cut production to 32.5M bpd, representing a -1.2M bpd, or -3.7%, reduction from October levels.
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Weekly Fundamentals – Both OPEC and US Payrolls Sent Pleasant Surprises
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