Oil rebounds due to OPEC uncertainty and US elections
The Dollar Business Bureau The prices of oil rebounded after two months of losing streak that sprung due to uncertainty over an OPEC deal amidst growing US crude stockpiles and the looming American election. All these kept the markets volatile. US inventories showed an increase last week and OPEC members claimed exemption from an agreement to limit supplies boosted the production figures in the month of October. According to the Hyundai Futures Corp “while the gain in stockpiles was a huge surprise in the market, prices are recovering in the oil market after a continuous decline of 8.8% the last four sessions.” Oil volatility is near the highest level in more than a month, but investors are cautious due to the ongoing ...
OPEC meet fails to decide on oil production freeze
The Dollar Business Bureau The top most oil producing countries have failed to decide on production freeze during the OPEC meeting in Doha, Qatar on Sunday. This is a precedent to the two failed meetings in December 2015 and February this year to cap the crude oil prices, which have risen from $26 per barrel in February to above $40 on expectations that the OPEC countries could come to a consensus. The ongoing tension between Saudi Arabia and Iran is a key reason for the failure of OPEC countries to sign an agreement or freeze output at January levels. Iran has decided not to attend the OPEC meeting, and continued producing oil until it regains the market share after following the lifting ...
