Oil futures dropped on Thursday reversing stroing gains from earlier in the session as investors remained concerned OPEC and its allies may not agree large enough output cuts to counter the decline in demand amid the coronavirus crisis. According to the latest media reports, OPEC+ and every are expected to agree to reduce oil production by 22% in May and June, but the details of the deal are yet to be confirmed. However, Iran’s oil minister said his country, as well as Libya and Venezuela are set to be exempted from cuts. International benchmark Brent for June delivery lost 2.65% to sell for $31.90 per barrel at 2:08 pm ET and West Texas Intermediate (WTI) for settlements in May dropped 6.90% to go for $23.34 per barrel at the same time. Nick Note: 20 million barrels cut that is a shit pot full of oil. the biggest cut EVER. The markets are stunned with unbelief. Relax my fellow oil market buyers. wait soon they will see its true and then its a party with Bobbies girls…