Oil Jumps On ‘’Saudi Surprise’’

Oil prices rose on Friday morning, fueled by optimism about the new OPEC+ deal and the Saudi promise to, once again, overcomply with their production quota   Friday December 6th, 2019 Oil jumped because of news from Vienna. OPEC+ agreed to cut 500,000 bpd more than the current arrangement, a figure that initially raised questions on Thursday. However, on Friday, Saudi officials said they would maintain their unilateral cuts beyond what is required in order to defend oil prices. The markets responded with a bounce. OPEC+ agrees to cut by another…