ADVERTISEMENT
ADVERTISEMENT

European stocks were mixed after OPEC agreed to continue production cuts

The cartel will extend production cuts for another nine months following a meeting in Vienna

File photo of a worker walking past a pump jack on an oil field owned by Bashneft, Bashkortostan

LONDON — European stocks were mixed on Thursday as market participants looked beyond reports that OPEC has — as expected — agreed to extend production cuts.

Several news outlets report on Thursday that the cartel of major oil producers agreed to continue the cuts in a further effort to rebalance the oil market and address the global supply glut that has subdued prices, citing delegates at OPEC's meeting in Vienna

The extension, which is yet to be officially confirmed, means that cuts will now continue until March 2018.

European stocks were pretty non-plussed by the news, with no major index moving more than 0.6% on the day:

ADVERTISEMENT

Writing in an email early on Thursday morning, FXTM analyst Lukman Otunuga said:

"Oil prices were heavily supported this week by the growing optimism over major oil-producing countries working together to eliminate oversupply woes. With markets widely expecting OPEC and Non-OPEC members to extend the current output cut deal by another nine months, compliance is likely to be the main focus of today’s meeting.

"With compliance still a grey area, it will be interesting to see if OPEC enacts penalties in the new deal to prevent other members from cheating or going against the agreement."

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

Here's everything to know about being a virgin on your wedding night

Here's everything to know about being a virgin on your wedding night

7 do's and don’ts of the Holy month of Ramadan

7 do's and don’ts of the Holy month of Ramadan

Top 5 sweetest celebrity mother-child relationships that stand out for us

Top 5 sweetest celebrity mother-child relationships that stand out for us

International Women's Day: 5 Nigerian female celebrities championing women’s rights

International Women's Day: 5 Nigerian female celebrities championing women’s rights

Top 5 female directors in Nollywood

Top 5 female directors in Nollywood

6 things that will break a Muslim's fast during Ramadan

6 things that will break a Muslim's fast during Ramadan

5 benefits of fasting during Ramadan

5 benefits of fasting during Ramadan

5 reasons Easter was more fun when we were children

5 reasons Easter was more fun when we were children

Dos and don’ts of supporting Muslims during Ramadan

Dos and don’ts of supporting Muslims during Ramadan

ADVERTISEMENT
ADVERTISEMENT