Oil eases as market doubts Opec output cut agreement

Oil eases as market doubts Opec output cut agreement
 

The price of oil slipped back in Thursday trading as traders questioned whether the output cut agreed by Opec would be binding.
Prices had jumped by 6% on Wednesday's news that Opec had voted for the first production cut in eight years.
Oil ministers said full details of the agreement would be finalised at a formal Opec meeting in November.
The absence of detail prompted some to have second thoughts about whether the cartel would take actual firm action.
Michael McCarthy, chief market strategist at Sydney's CMC Markets, said: "Investors and traders are sceptical - with good reason.... read more

 
29 September 2016 in Business, Views: 36
Source: BBC
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