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Before you go out into too many technicalities, here is a little glossary with few key terminologies that you should know before you start investing in the trade 

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OPEC reaches agreement to cut oil production to 32.5 million barrels a day: Oil ministers OPEC and Russia Agree to Cuts in Oil Production to Push Up Prices The Organization of the Petroleum Exporting Countries and Russia agreed on Thursday to make further small cuts in oil production to OPEC and Russia agree to cut oil production. After protracted discussions, the oil-producing nations have agreed to cut 500,000 barrels a day.

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