OPEC makes deepest oil cut ever to rescue prices

OPEC oil ministers agreed their deepest oil cut ever on Wednesday, slashing 2.2 million barrels per day from oil markets in a race to balance supply with rapidly crumbling demand for fuel.
The 12 members of the Organization of the Petroleum Exporting Countries were also aiming to build a floor under prices that have dropped more than $100 from a July peak above $147 a barrel.
The cut, effective from January 1, comes on top of existing reductions of 2 million bpd agreed by OPEC at its last two meetings. It lowers the group's supply target to 24.845 million bpd.

Consequently, Crude oil prices appear to be bottoming with momentum buy divergences propping up prices. Look for advance to 44, then 49 before selling resumes a minor pullback.