OPEC cuts production by 1mbpd in surprise decision! | MarketTalk: What’s up today? | Swissquote

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OPEC surprised on Sunday and cut its production by 1 mbpd.
The barrel of American crude rallied, equities and sovereign bonds fell on higher inflation expectations, the US dollar gained.
The stronger dollar will likely weigh on most G7 currencies, but oil currencies, like the Loonie, are in a good position to outperform their non-oil peers.
Likewise, oil giants should get a boost from the latest OPEC decision, whereas the rest of the indices will likely come under renewed selling pressure as a result of rising rate hike expectations amid higher oil prices.
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