No sooner than the Deputy Crown Prince of Saudi Arabia insisted that Saudi Arabia would only freeze its production provided all that attended the talk also freeze theirs, including Iran,the latter today dropped another bombshell when it (Iran) announced that it will not attend the Doha meeting.
The so called "Production Freeeze" meeting is now turning into a farce.
I think we could expect a heavy sell of in crude once the market opens on Monday unless Russia plays the role of a mediator to bring the two countries to reconcile, which seems unlikely at this eleventh hour.
The S&P is expected to take a hit too as the oilies will bear the brunt of any sell off.
This is just my opinion. You are encouraged to do your own research.
No comments:
Post a Comment