Due to heavy interest, the following post from ZYX Buy Change Alert is being reproduced below.
There is a single unconfirmed report that OPEC has reached an agreement to limit production to 32.5 million barrels per day. This will be finalized in the November OPEC meeting. At present, OPEC is producing 33.1 million barrels per day. The proposed agreement would reduce produce production by 600K barrels per day.
Consider taking profits on one-half of the oil position in the zone of $46.60 to $47.40. USO eq is $10.60 to $10.80. Consider holding the remaining half.
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