Oil prices are moving towards stabilisation

27 September, 2016

Oil prices are moving towards stabilisation

The oil prices start the week on an upbeat note as the informal OPEC meeting may end with a positive agreement for the oil market, which could resolve in production kerbs and freeze said the Algeria’s Energy Minister on Sunday.

The rebound came after a 4% drop on Friday amid the signs that Saudi Arabia and Iran have achieved little progress in provisional accords about the production freeze. OPEC members will meet on the sidelines of the International Energy Forum in Algiers on 26-28 September to discuss the potential measures for kerbing the output and stabilising prices.

According to Algerian Energy Minister Noureddine Butterfat, the meeting certainly will have a positive impact. The weakened US Dollar, which came after the FED decision to extend the period of low rates, also provided support for oil prices. Despite several claims from oil officials that OPEC and Non-OPEC members head towards the cooperation, it is still vague whether they will be able to override the differences.

Unidentified sources told Reuters on Friday that Saudi Arabia is not strongly bent to reach any agreement in Algeria, but it is ready to kerb output if Iran joins the agreement later this year.

Emerging markets retreat after the FED-propelled rally, Russian RTS -1.40%, Bovespa -0.50%, Nifty -0.90%. The European indices also plunged, FTSE -1.15%, DAX -1.51%, where miners and the financial performed the worse out of others. Deutsche Banks extended declines on renewing capital concerns, falling -3.10% on Monday.

On currency markets the gains grew 0.09% while growing anxiety over the Brexit fallout pushes pound deeper, GBP/USD -0.24% at 1.2923. The Japanese Yen makes light of BoJ changes in policy and extends gains, USD/JPY -0.41% at 100.56. USD/ÑÐÀ drops on rising appeal of the safe heavens. Bullion declined by 0.20% to 1,339.05.

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