http://www.bbc.com/news/business-35564492
Oil prices surged as much as 12% on Friday after new suggestions that Opec nations were set to cut oil production.
The United Arab Emirates' energy minister said that Opec members were ready to reduce output, the Wall Street Journal reported.
Venezuela's oil minister said oil-producing nations were on a "very good path" to clinch a deal.
However, traders said sharp falls on Thursday may have triggered some bargain-hunting.
ennui2 wrote:Price "skyrocketing" at this low floor is nothing to write home about.
dolanbaker wrote:The slightest hint of an OPEC cut in production, and the price skyrockets!
http://www.bbc.com/news/business-35564492
Oil prices surged as much as 12% on Friday after new suggestions that Opec nations were set to cut oil production.
Plantagenet wrote:But if any OPEC nation wants to cut its production it can do it right now, even without an OPEC agreement. Curiously, none of them seem willing to do it. Same thing with Russia---its pumping full out no matter what the price is. And look out---here comes Iran with another 500,000 bbls per day to dump on the world market.
There isn't any point in OPEC agreeing to a production cut anyway---because the OPEC countries will all cheat and overproduce anyway.
The oil glut is most likely to end as US TOS oilcos go bankrupt and US production drops rather then from voluntary OPEC cuts.)
http://www.rte.ie/news/business/2016/03 ... s-meeting/
The European Central Bank delved deep into its remaining arsenal of stimulus options today.
It cut all three of its interest rates and expanding asset-buying to boost the economy and prevent ultra-low inflation becoming entrenched.
In moves that initially pushed the euro 1% down against the dollar before recovering, the ECB cut its deposit rate deeper into negative territory and increased monthly asset buys to €80 billion from €60 billion.
This was above market expectations of an increase to €70 billion.
While the deposit rate was cut 10 basis points to 0.4%, the main refinancing rate was reduced to zero from 0.05% and its marginal lending rate – used by banks to borrow from the ECB overnight – fell to 0.25% from 0.3%.
Hoping to boost lending, consumption and inflation, the ECB said it would also start buying corporate debt and launch four new rounds of cheap loan packages, to be extended by banks to the real economy.
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