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Thursday, 25 May 2017

Crude Slumps Below $50 as Market Is Underwhelmed by OPEC Deal - Bloomberg

Crude Slumps Below $50 as Market Is Underwhelmed by OPEC Deal - Bloomberg:

"Oil fell below $50 after OPEC stuck to the most predictable outcome at a meeting in Vienna.

Futures closed 4.8 percent lower in New York as the Saudi Arabian-led group and its allies delivered only what had already been telegraphed for days: an agreement to extend output cuts for nine months, without deepening them or saying what will happen after March 2018.

"The Saudis have been trying to put a happy face on this thing," said John Kilduff, a partner at Again Capital, a New York-based hedge fund that focuses on energy. "But this is all they could get, and that’s disappointing to the market.""



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