OEF Rapid Review Articles
The United Arab Emirates’ energy minister has said that OPEC was willing to cooperate on an output cut. Many traders were skeptical noting that Venezuela and Russia had tried in vain to stir Saudi Arabia and other major producers into agreeing to cuts, but after a price slump that has taken crude prices to more than 12-year lows, many of these traders were inclined to believe that a rebound was due sooner or later. “We expect declining U.S. oil production, in particular, to drive the oil price back up to $50 per barrel by the end of the year,” Frankfurt-based Commerzbank said in a note.
LINK TO THE SOURCE ARTICLE:
Oil rockets from 12-year low on renewed talk of OPEC cut
LINK TO THE SOURCE ARTICLE:
Oil rockets from 12-year low on renewed talk of OPEC cut