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Bearish Oil Market Putting Pressure On OPEC
Crude slipped into a bear market last week and OPEC is already scrambling—the organization is talking about oil prices and holding special meetings as early as September.
While the producers of 40% of the world’s crude supply were united and optimistic when they met in June, largely due to crude’s nearly 90% price recovery after hitting a 12-year low, now that the market has fallen back into decline they aren't so sure, Bloomberg reports. On top of that, money managers are placing record bets that prices will continue to fall.
Even while the oil supply glut proves more resilient than expected, experts say there’s little reason to believe OPEC will come any closer to taking action to curb the surplus this time around. [Bloomberg]
