Saudi Arabia and Russia, the world's largest oil producers, have come to an agreement to reduce oil production into the January level. This is the first time for the two countries working together in efforts to fix the oil industry, which has been dropping for years.
Oil Production Cut
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The average oil price has dipped well below $30 a barrel on Thursday, which has been reported to be sold at $31 on Friday. Sharp fall of oil prices on Thursday has been analyzed as the triggering factor for some bargain hunting by some traders. However, equity market has also witnessed a boost which is believed to be induced by oil price soaring.
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