Commodity currencies slipped against safe-haven units such as the dollar and yen on Monday as a record output cut agreed by OPEC and other oil producing nations failed to offset broader concerns about global demand for resources.
Trading could be somewhat subdued as financial markets in Australia, New Zealand, Hong Kong, and Britain are closed for the Easter Monday holiday.
Oil prices had gone into freefall on worries about the virus and a price war between Saudi Arabia and Russia, which was seen straining the budgets of oil producers and hammering the U.S. shale industry. While oil futures erased early losses to trade higher in Asia, currency markets showed some investors remain concerned about excessive risk.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
OPEC and allies finalize record oil production cut after days of discussion
Read more »
Russia's Novak says hopes OPEC+ to be fully agreed in coming days: RIARussian Energy Minister Alexander Novak said on Sunday he hoped that the group of leading oil producers will fully agree and sign a deal to cut the global crude output in the coming days, Russian state-run RIA news agency reported.
Read more »
Russian, Saudi ministers to chair OPEC+ meeting on Sunday: AzerbaijanRussian Energy Minister Alexander Novak and Saudi Energy Minister Prince Abdulaziz bin Salman will chair an OPEC and non-OPEC online meeting later on Sunday, the Azerbaijan energy ministry said.
Read more »
Oil prices are flat after OPEC and allies agree to historic production cutOil prices were flat in overnight trading after OPEC and its allies agreed to a historic deal to cut production by a record 9.7 million barrels per day.
Read more »
OPEC+ reaches deal to cut oil production by 9.7 million barrels per dayIn an emergency virtual meeting Sunday, OPEC+ arrived at a deal to slash oil production by 9.7 million barrels a day starting May 1, a senior OPEC source tells CNN. The cuts will remain in place through June, the source said.
Read more »