Senior Analyst at Danske Bank Jens Pedersen has reviewed the recent developments in crude oil markets. Key Quotes “Headlines continue to surface in the oil market of hints that OPEC and non-OPEC oil producers are looking into ways to cooperate to stabilise the oil market and the oil price”. “Recent attention has been on rumours that Russia and Saudi Arabia could be working on such a strategy”. “Yesterday, Saudi Arabian oil minister Ali al-Naimi confirmed that Saudi Arabia and Venezuela have held a meeting on the topic”. “The 3% drop in the price on Brent crude yesterday suggests that the oil market is paying less attention to major oil producers trying to ‘talk up’ oil prices and more to the broad concerns for global economic growth that are currently hampering financial markets”. For more information, read our latest forex news.