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Thursday, October 22, 2015

Crude Oil News Update for Today

Crude Oil News 

CRUDE OIL: A more important event was taking place within OPEC. OPEC and non-OPEC members said that ways to support prices, including production cutbacks, will be discussed at the meeting in Vienna on Wednesday.  Members of the Organization of the Petroleum Exporting Countries met with non members such as Russia and Mexico, but the summit wasn't expected to result in any production cutbacks despite the large supply overhang that has depressed oil prices since last year. However, few in the market expect any meaningful action as big producing nations have enacted a policy of pumping crude at a rapid pace in a bid to defend their market share.

Goldman Sachs forecasts that copper will remain in surplus through at least 2019 and says crude-oil prices may remain low for the next 15 years. 

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