Oil News

OPEC including Saudi Arabia and Kuwait have made clear they will tolerate $50 a barrel to help pull the world from recession

OPEC including Saudi Arabia and Kuwait have made clear they will tolerate $50 a barrel to help pull the world from recession

Middle East energy ministers may agree this weekend that letting oil prices rise eventually in order to stimulate investment is just as vital as keeping crude at $50 for now to aid the ailing world economy. Members of OPEC including Saudi Arabia and Kuwait — both of whom will attend Sunday’s biennial meeting of Asian consumers and Gulf exporters — have made clear they will tolerate $50 a barrel to help pull the world from recession. Crude Oil is trading at $50.07 as of 11:30am, London Time. Crude Oil’s Pool-Position is 85% Long, meaning that most Finotec clients are buying the commodity.