16th May 2017

 Commodity markets pushed higher on Monday, led mainly by a firmer oil complex. Crude gained almost $2/barrel at one point and pushed to a threeweek high on the back of reports that the Russians and the Saudis have both agreed to extend the OPEC/non-OPEC production accords through Q1 of 2018. Reuters notes that “oil traders were surprised by the strong wording of the announcement, although it remained to be seen whether all countries participating in the deal would agree with the Saudi-Russian stance”. The cartel meets in 10 days for its formal summit in Vienna

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