Oil prices rose during early Tuesday trading following the announcement by Saudi Arabia that it intends to extend lower levels of production through to August. Meanwhile, reports emerged from Russia, giving an account of Moscow’s plans to cut output by half a million barrels a day. The news that the top two global exporters of crude are holding back on production supported the price of the barrel, but the gains are minimal. The bigger picture for oil traders remains one of uncertainty over the global economic outlook. This is also the core thesis behind my own short trade on oil. OPEC obviously wants to keep cutting ... (full story)