Oil prices continued their rollercoaster ride in the past week.
Last week, the global oil markets saw prices go up and down as traders tracked the investors growing appetite for taking risk, as dollar fluctuated and the market was struck with supply glut concerns.
On Monday last week, crude futures started on the back foot with a slide as US drilling activity increased. Dollar strengthened and gained from better-than expected US jobs report in the past week.
Reportedly Six OPEC and Two non-OPEC Members are Open to the Idea of an Emergency Meeting Regarding Oil pricesSubmitted by Akilah Amiri on Thu, 02/04/2016 - 09:06
Low oil prices and a supply glut is hurting all the oil producing countries and now six OPEC member states and two of the non member countries are open to the idea of holding a meeting to discuss measures that will perk up the prices. On Wednesday, Venezuela's oil ministry said its oil minister Eulogio Del Pino held talks in Iran and said it was open to the idea.
Iran and Venezuela will be joined by Iraq, Algeria, Nigeria and Ecuador all OPEC members along with Russia and Oman which are non-OPEC oil producers in case a meeting is scheduled.
The rollercoaster ride for crude prices still continue as the U. S. crude futures on Thursday again fell one percent or more in Asian trading. That offset the gains of almost three percent which oil had made in the earlier session. Hopes were high when Russia revealed possibility of cooperating with OPEC in order to control oversupply of oil globally.
The oil boom that caused the prices to fall severely may just be ending as speculations say that there may be a sluggish growth in production. This caused the oil prices to reach its one-week high.
The oil futures spiked about 0.9 percent in New York which is the longest increasing strip noted in the last three weeks.
As per a latest announcement made by the UAE's envoy to OPEC, he has labeled the entity as a central bank for the world's oil supply.
Chakib Khelil, Algerian Energy Minister believed that in spite of the concerns that high cost of energy could hurt the economic recovery, OPEC is unable to do anything presently to control increasing oil prices.
Khelil said, “I do not see really what OPEC can do to have any impact on the prices at this stage because the increase in prices is not led by the lack of supply, but it is really led by the economic recovery”.
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