Saudi-Russia Output Talk Disappoints Oil-Market Bulls: Chart

Market Reaction to the Saudi-Russia Oil Deal

Brent crude prices surged as much as 5.5 percent as news broke that Saudi Arabia and Russia would make a joint-statement on the oil market at the G20 summit in China earlier today. But what began with the promise of a “significant” announcement disappointed the bulls. As the two nations stopped short of taking any concrete steps to limit output, prices fell back to near $48 a barrel, a more sedate 2 percent increase on the day.

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