IMO good rally on oil this week. Excerpt from an
Post# of 2009
Posted On: 08/28/2015 4:42:35 PM
IMO good rally on oil this week. Excerpt from an article on the rally:
"Oil markets saw a spike late in Thursday’s trading session after The Wall Street Journal reported that oil producer Venezuela requested an emergency meeting of the Organization of the Petroleum Exporting Countries in coordination with Russia to stem the oil-price rout.
“Oil-producing countries have such high cost structures that they cannot survive low oil prices long term,” said Ted Izatt, chief strategy officer of global resources firm SDKA International. “Long term, there will be increasing pressure for OPEC to reduce production.”"
Link here: http://www.marketwatch.com/story/oil-prices-e...8-11032224
Another article on Venezuela's request: http://www.marketwatch.com/story/venezuela-se...2015-08-27
"Oil markets saw a spike late in Thursday’s trading session after The Wall Street Journal reported that oil producer Venezuela requested an emergency meeting of the Organization of the Petroleum Exporting Countries in coordination with Russia to stem the oil-price rout.
“Oil-producing countries have such high cost structures that they cannot survive low oil prices long term,” said Ted Izatt, chief strategy officer of global resources firm SDKA International. “Long term, there will be increasing pressure for OPEC to reduce production.”"
Link here: http://www.marketwatch.com/story/oil-prices-e...8-11032224
Another article on Venezuela's request: http://www.marketwatch.com/story/venezuela-se...2015-08-27
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