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Oil spikes higher on producers meeting

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 16, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Crude Oil has extended gains, jumping from $29.80 up towards $30.5 as big oil producers prepare to meet in Doha, as they attempt to find some common ground to end the Oil price rout.

    During the weekend, a Reuters interview with Nigerian Oil Minister Emmanuel Ibe Kachiwku revealed that growing OPEC consensus to end collapsing Oil prices now exist.

    Kachiwku said, via Reuters: "The mood inside the Organization of the Petroleum Exporting Countries (OPEC) is shifting from mistrust to a growing consensus that a decision must be reached on how to end the global oil price rout."
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