RE: Brent has turned bullish20 Nov 2019 19:42
Why such conflicting views on OIL? Oil prices turned positive on Wednesday, reversing two days of losses, following a smaller-than-expected build in US inventories. Prices also moved higher as Iran-related tensions escalated but receding hopes for a quick solution to the U.S.-China trade war which has dented global growth dragged on prices.
Oil Prices Higher Despite Bearish Inventory Data
Oil prices will have a major impact on the direction that the Russian economy will take, according to the chief executive of the Russian Direct Investment Fund (RDIF).
He said the alliance or Russia and major oil producer group OPEC (known as OPEC+) is “ready to act” if necessary, however.
“We’re quite optimistic about the Russian market going forward,” Kirill Dmitriev, CEO of Russia’s sovereign wealth fund RDIF, told CNBC.