Oil rallied on Tuesday morning, along with equity markets after the U.S. Federal Reserve announced an emergency rate cut of 50 basis points. The news sent major indices rallying, with the S&P500 and Dow briefly jumping, before handing in its gains once again. Gold prices also rose on the news. Oil prices already saw some positive action early on Tuesday after OPEC and its partners, on Monday, hinted at additional production cuts to the tune of 1 million bpd. Some of the cartel’s most prominent members, including Saudi Arabia and the UAE have been vocal about the need to support crude markets. Saudi Oil Minister Prince Abdulaziz warned the group not to be complacent about the impact of the coronavirus outbreak on oil demand, which will result in lower export volumes from the Kingdom to Asian customers in the month of March. While OPEC seems concerned about the demand […]