OPEC's Vienna meeting concluded with members agreeing to make no adjustments to crude production levels. The focus turned to compliance with existing production cuts. OPEC states that full compliance will remove 800,000 bbls per day from the market.
The market will not be impressed with this rhetoric. The near month crude contract will not be able to break through $50 resistance on this news. Look for a bit of a sell off from today's meeting.
This week will be interesting to watch stronger correlations develop between equities and crude futures. Both are leading indicators, and both feed off each other in an improving economic environment.
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