Good morning – its Thursday March 17th, the 76th day of 2005.
Today’s morning story is the price of oil, again. CL is currently trading well above $57, just a day after OPEC met and agreed to boost production.
OPEC President Sheikh Ahmad al-Fahd al-Sabah said ministers might start telephone consultations as early as next week over a second output rise if prices do not ease. “If prices continue as they are now, then starting from next week we will start our discussions,” he told reporters in Isfahan, Iran where OPEC held its Wednesday meeting.1
CL blasts through the test of top; typically price will pull back and retest former highs – if CL does not pull back almost immediately, I suspect we’ll be reading more worried quotes from OPEC spokespeople. Its an ideal backdrop to push through oil exploration legislation, isn’t it?
US Market Calendar
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Earnings and the Federal Reserve
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1 Oil Scales New High Over $57
05.03.17 08:30 #