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FCA & CySEC
The Organisation of the Petroleum Exporting Countries reported it would trim output to a range of 32.5 million to 33.0 million barrels per day, marking a reduction of 0.7% – 2.2%.
The currencies of the oil-exporting countries soared after the agreement late Wednesday, but were slightly lower on Thursday, reflecting a fall in oil prices, as markets became more skeptical on how the organization would implement the output cut.
The Canadian dollar and the Norwegian krone, however, still traded more than 1% higher than their levels before the deal was announced. The Norwegian krone was a winner, touching a 14-month high of 9.00 against the euro.
The US dollar climbed as much as 1.1% to trade at 101.75 against the yen, its highest level since the 21st September.
The Aussie also reached a three-week high of 0.7711, as Australia exports several natural resources even though it is an importer of oil, but later retraced 0.3%.
Analysts argue that the oil-cut agreement is posing critical questions as to how much each country will produce to be decided at the next OPEC meeting in November, when an innovation to join cuts could also be extended to non-OPEC countries like Russia.
The euro was steady at 1.1224 against the dollar, with investors eyeing German inflation data.
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