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« "This Will All Blow Up In The Fed's Face," Schiff Warns "Trump's Right, America Is Broke" | Main | Deutsche Bank Confirms Silver Market Manipulation In Legal Settlement, Agrees To Expose Other Banks »
Sunday
Apr172016

Oil Prices Fall After Producers Fail to Reach Deal at Doha

Hopes of a deal had helped oil prices rally in recent weeks


Oil prices opened sharply lower in early Asian trading hours on Monday after major oil producers ended their meeting in Doha, Qatar, over the weekend without reaching an agreement to cap production.

Hopes for a deal among major producers, including several from the Organization of the Petroleum Exporting Countries and Russia, were a main driver in a rally that lifted U.S. crude prices more than 50% from their February lows. U.S. crude settled at $41.50 a barrel on Friday.

Now, much of those gains could be eroded in a market that has already endured a turbulent year, analysts say.

U.S. crude was recently trading 5.7% lower at $38.05 a barrel and Brent down 5.2% at $40.86 a barrel.

“This is an extremely bearish scenario,” said Abhishek Deshpande, oil analyst at Natixis. “Prices could touch $30 a barrel within days.”

read more......

 

It will be interesting to see if they can come up with a last minute deal.....

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