- Aug 10, 2009
- 168,037
- 16,519
- 2,165
- Banned
- #1
This has the opportunity to stabilize prices at levels that may generate long term capital investments necessary for putting the world economy at the next level.
Though it would seem that it might the glut of oil world wide in the refineries, that is not a guarantee.
Rise in prices should mean out of work oil folks in the US get to go to daily jobs again, and that is good for America.
"OPEC have taken a very important step towards stopping the relentless build up in global stock levels and speeding up the rebalancing process, as long as compliance is strong, Libya and Nigeria fail to rebound and U.S. producers take time to respond," PVM Oil Associates strategist David Hufton said.
"As things stand today, no cuts have been made and production is in fact still rising ... from a fundamental point of view, it is difficult to justify the front-end price surge other than that is where the liquidity is and where speculative players, moving in herds, always prefer to place their bets."
Oil hits highest since mid-2015 as OPEC and rivals agree historic deal
Though it would seem that it might the glut of oil world wide in the refineries, that is not a guarantee.
Rise in prices should mean out of work oil folks in the US get to go to daily jobs again, and that is good for America.
"OPEC have taken a very important step towards stopping the relentless build up in global stock levels and speeding up the rebalancing process, as long as compliance is strong, Libya and Nigeria fail to rebound and U.S. producers take time to respond," PVM Oil Associates strategist David Hufton said.
"As things stand today, no cuts have been made and production is in fact still rising ... from a fundamental point of view, it is difficult to justify the front-end price surge other than that is where the liquidity is and where speculative players, moving in herds, always prefer to place their bets."
Oil hits highest since mid-2015 as OPEC and rivals agree historic deal
