Oil prices muted to OPEC production cut

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Crude oil prices did not react much to the news that Saudi Arabia and Russia agreed to cut oil production by over 9 million barrels.

Price action slipped back, falling to the lower end of the range close to the 22.00 handle.

Given that the support level is not breached, we expect oil prices to push higher.

However, we would need a breakout above 28.00 to confirm further upside.

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