Oil falls to 11-year low, Saudi-Iran row seen making output restraint unlikely | Reuters:
"Oil fell to its lowest in more than 11 years on Wednesday, down around 2 percent, as the row between Saudi Arabia and Iran was seen extinguishing any chance of major producers cooperating to cut production in the face of mounting global over supply.
The furor over Saudi Arabia's execution of a Shi'ite cleric has depressed the market as it put an end to speculation that OPEC members could agree on production cuts to lift prices.
"There are rising stockpiles and the tension between Iran and Saudi Arabia make any deal on production unlikely," said Michael Hewson, head of strategy at CMC Markets."
'via Blog this'
No comments:
Post a Comment