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Tuesday, February 16, 2016

Saudi to meet Russia news prompt Oil to advance above $30

The financial market is being very volatile, partly influenced by the oil price's volatility. But unlike last week, we have a more positive news circulating the financial world....Saudi to meet Russia in Doha on Tuesday, to discuss the market.

Saudi meeting Russia to talk about oil this Tuesday could be the salvation

This good news definitely is shared by the global market as most markets seen an uptrend after a bad week last week. 

Oil advances above $30 on the news Saudi Arabia’s Oil Minister Ali al- Naimi will speak with his Russian counterpart Alexander Novak in the Qatari capital.

This is an interesting development given that Iran is getting into the game as well.
Oil is still down about 17 percent this year BP Plc predicts the market will remain “tough and choppy” in the first half as it contends with a surplus of 1 million barrels a day. Speculators’ long positions in West Texas Intermediate through Feb. 9 rose to the highest since June, according to data from the U.S. Commodity Futures Trading Commission.

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