OPEC agreed today to slightly increase oil production starting next month after Saudi Arabia was able to persuade Iran under key consumer demands to lower oil prices and avoid a supply shortage.
Saudi Arabia said the move would translate into an increase of around 1 million bpd or 1 percent of global supplies. Oil prices rose almost 3%, hitting a 3-week high of $ 68.79 a barrel after rebounding from the weekly uptrend and 61.8% Fibonacci correction.
On the other hand, the pound hit a six-day high in the wake of the Bank of England meeting yesterday, which opened the door again to the rate hike this year, but concerns remain about the Brexit talks. GBPUSD reached today to 1.3313 levels.
The euro also rose on encouraging economic data and new guarantees for politicians in Italy that their country will not leave the euro. EURUSD reached a weekly high of 1.1674 after stabilizing higher than important support level at 1.1550.
