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Energy market update 26/08/16
The week ending the 26/08/2016 represented a period of cooling amid concerns that a scheduled OPEC meeting would curb oil production. In the previous week, when the OPEC meeting was announced, oil prices retreated with the expectation that a policy of little major change would be applied.
The pound rising slightly against the dollar, and a surprise increase in US oil storage levels also helped push prices down.
The pound rising slightly against the dollar, and a surprise increase in US oil storage levels also helped push prices down.
Update (06/09/2016): A new agreement between OPEC Saudi Arabia and non-OPEC producer Russia caused the price of oil to jump yesterday. The two countries announced that they had agreed to discuss ways of stabilising the oil market, hinting that a “freeze” on output could happen in the future. The price of Brent crude jumped 5% initially before stabilising at 1.6% above its original level.
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