Oil Could Take Another Dive, Just in Time for New Round of OPEC Rumors

The next trough in oil prices could come just as OPEC members gather in Algeria next month — and that could make for an interesting, and more unpredictable outcome.

While most analysts say OPEC members are all talk, and no action, some say there is an outside chance members could feel pressured enough to act if crude prices are in free fall.

Members of the Organization of the Petroleum Exporting Countries have said they would discuss at their late September meeting whether a freeze or some other action is needed to stabilize oil prices, after a number of high-profile failures to reach an agreement.

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Craig Erlam
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the BBC and The Telegraph, and he also appears regularly as a guest commentator on Bloomberg TV, CNBC, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.