Iranabouthe's disappointed approximately failed agreement in #doha #DohaTalks pic.twitter.com/baae5tWqIN 8.02am BSTAnalysts are largely blaming Saudi Arabia for OPEC’s failure to agree an output freeze.
Ed Morse,head of global commodity research at Citigroup, told Bloomberg that:
The weekend talks are demonstration that the Saudi government, and as the deputy crown prince has clearly stated,doesn’t want to cede market share.
They are fearful that the world may be in a feeble or bearish market for a long period of time. In a bear market, as they learned from the 1980s, and whether they cede market share it is very difficult to obtain it back.” 7.54am BSTThe price of oil is sliding sharply this morning,as markets are hit by gloom following yesterday’s OPEC meeting.
US crude oil has shed almost 5%, falling to $38.45 per barrel. Brent crude is suffering too, and down 4.4% at $41.20.Oil had pared some losses this morning,but the price appears to be heading south once more https://t.co/6XrUKVmsI5 pic.twitter.com/FRfm9T3ZHrStock markets are running on crude. MSCI World and #oil traded in tandem since 2015. pic.twitter.com/tFRIlcUwZJ 7.30am BSTGood morning, and welcome to our rolling coverage of the world economy, and the financial markets,the eurozone and business.
Investors acquire a lot to worry approximately this week. Related: Oil producers fail to agree deal to freeze output after Saudi Arabia-Iran standoff Related: Brazilian congress votes to impeach president Dilma Rousseff Join me tomorrow for a Twitter Q&A on the global economy. Start sending your questions: #AskLagarde. pic.twitter.com/3tSUd0myaE Related: George Osborne: Brexit would leave UK permanently poorer’ Continue reading...
Source: theguardian.com