OPEC – first time since 2008 – decided to cut the production.
Oil price jumps almost 10%. However:
1) to agree to cut and to cut indeed is a big difference.
2) higher prices mean more shale oil, which, in turn, will push the prices down.
3) WTI vs. Brent spread is just a little bit higher than $1, usually it is about $2. (Thus if short then rather WTI).
4) little know we about China but it is commonly agreed that they will likely not be able to keep the growth rate as high as before and are going to shift accent to green/high-tech economy, thus I expect less demand for oil in mid term.