OPEC Smoke and Mirrors’ May Be All It Needs to Boost Oil

August 10, 2016 Share Print 0

Just the whiff of an OPEC meeting has driven oil prices higher, squeezed shorts in the futures market — and made further inaction by the cartel more likely.

But that hasn’t stopped market chatter that the Organization of Petroleum Exporting Countries could revisit the idea of a production freeze when it meets informally on the sidelines of an energy conference in Algeria late next month.

Oil’s recent dip back into the $30s per barrel may be enough to get some OPEC members to curb their bickering and consider joint action — if crude plummets again. But for now, analysts see the cartel just talking, with the more needy members pushing for relief through a freeze or other deal.

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Craig Erlam

Senior Market Analyst - UK & EMEA at OANDA

Based in London, Craig Erlam joined OANDA in 2015 as a Market Analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.