HomeMagazine2016March 2016, Vol. 243, No. 3Oil Speculators Run Out of Reasons to Bet on Rising Prices

March 2016, Vol. 243, No. 3

Features

Oil Speculators Run Out of Reasons to Bet on Rising Prices

Oil prices plunged to their lowest levels in a month on April 4, falling back from recent highs to the mid-$30s per barrel. Oil traded down on the sinking prospect of an outcome from the Doha summit April 17, where several key OPEC countries will meet with Russia to discuss the pending production freeze agreement. Optimism faded on the deal, following remarks from Saudi Deputy Crown Prince Mohammed bin Salman, who said in a wide-ranging interview with Bloomberg that Saudi Arabia would only agree to freeze its production levels if Iran also participated. That was never going to happen though, with Iran finally free of western sanctions and looking to ramp up production by 1 MMbpd over the n

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