- Brent crude increased to $94.4/bbl on Thursday, rallying around 10% this week after OPEC+ agreed to cut output by 2 million barrels per day, around 2% of global supply.
- GBP declined to $1.118 against USD on Thursday, however is still up from a record low of $1.03 hit on 26 September, as the government has recently reversed the decision on tax cuts for the highest earners.
- US President Joe Biden has labelled the decision of OPEC+ to cut oil production by 2 million barrels per day as “unnecessary”, whilst Saudi Oil Minister says the policy is not a “one-way street” with uncertainties around how markets will react to the price cap.
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