Russia plans to meet with some OPEC and non-OPEC nations on Friday to discuss unresolved issues related to a planned oil-output cut before wider talks the following day in Vienna, a Russian government source told Reuters.
Brent crude oil prices rose (above $55 a barrel) on Monday, trading at a fresh 16-month high, on rising prospects of a tightening market after OPEC members agreed on a landmark deal to cut production last week.
Countries with tough environmental policies such as carbon levies and air pollution rules are not at a big disadvantage when trading globally compared with countries that have looser regulations, a study by the OECD said on Thursday.
Oil prices are moving lower after a surprise crude oil build reported by the API last evening as well as in anticipation of the U.S. Federal Reserve announcing an interest rate hike at the conclusion of their meeting today.
Oil prices rebounded after some of the biggest names in the hedge fund world and private equity lost billions betting on a rebound in energy prices and distressed energy debt. What’s more, many of them are staying with it.