I agree, it is not confirmed yet, but the thing is they are now talking about it and only last week people said it will not happen. No one is happy with the price at the moment, it serves not of the producing countries any good.
RE: Brent up 7.5% currently.
Yep OPEC have always said they would reign in supply but others have to also notably Russia and Canada. Hopefully more of these Shale companies will start dropping away now or realise ramping up production is in no ones interest. http://www.thestreet.com/story/13264841/1/some-oil-companies-a-few-weeks-away-from-bankruptcy-analyst-says.html Hopefully the banks will lead to responsible lending and choke funding, I am sure some of them will have to write off the debts.
Brent up 7.5% currently.
Looking good for tomorrow.
Sorry, that should have read "producers" and not "futures" in my post - I'll put it down to a(nother) senior moment.....
Also like the OPEC comments on being concerned about the fall in oil prices and that they're willing to talk to other futures - although that remains a long way from doing anything to actually rein in supply.
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