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Commodities Briefing - Categorized | Market Moves, Oil more

Fumbled talks reveal much about OPEC, oil market

Posted on 20 April 2016

​It’s difficult to see what purpose the once-mighty OPEC serves following Sunday’s spectacular flop of much-anticipated talks to freeze oil production and drive up prices. This was the first substantial effort in a decade and a half to co-ordinate both OPEC and non-OPEC countries in a freeze that would boost prices, yet it ended in only more confusion across energy markets.
Prices have been battered since late 2014 after OPEC rejected calls to rein in an oversupply of 1.3 million barrels a day — but they began rising sharply in recent weeks on rumours that top producers Saudi Arabia and non-OPEC Russia would push for the freeze………………………………………..Full Article: Source


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