Oil jumped higher again on Thursday, trading above $35 per barrel, as a weaker dollar and possibility of an OPEC meeting impacted prices.
Oil was up 7 percent in the previous session, gains that have been built upon again today. Brent crude was up 35 cents at $35.39 this morning, with US crude up 40 at $32.68.
Concerns that the Federal Reserve may have been wrong about the strength of the U.S. economy and may not raise interest rates this year weakened the dollar, pushing up the price of commodities. Similarly, six OPEC states and two non-members would be open to attending a meeting to try and curb oil supply, according to the Venezuelan oil minister Eulogio Del Pino after talks were held in Iran.
The countries open to involvement would be Iraq, Algeria, Nigeria, Ecuador, Iran and Venezuela, as well as non OPEC states Russia and Oman. Del Pino has been coordinating efforts to arrange a meeting over the last week, stating that “the idea is not just to hold a meeting, but for all the countries to attend with the intention of reaching agreements.”
04/02/2016
