Angola joins long list of oil nations in ditching dollar peg
Angola is poised to become the latest emerging nation to abandon its currency peg as it seeks to rescue an economy still reeling from the oil-price crash.
Angola is poised to become the latest emerging nation to abandon its currency peg as it seeks to rescue an economy still reeling from the oil-price crash.
Crude oil fell, snapping the longest winning streak this year, as Russia was said to oppose any proposal to deepen OPEC-led production cuts.
Fuel prices are expected to decline even further in July as the oil price trades only about $10 a barrel higher than the lowest level for the past 10 years.
Oil tumbled by the most in two months after output talks between the world’s biggest producers ended without any agreement on limiting supplies, a diplomatic failure that threatens to renew the rout in prices.
Oil fluctuated near $32 a barrel after the biggest two-day rally in more than seven years.
With decades of shale oil and gas reserves available worldwide, the latest development suggests the oil price’s upside is now capped at around $60 a barrel.
Saudi Arabian stocks advanced after OPEC’s biggest oil exporter opened its equity market to direct foreign investment.
Hedge funds have placed one of their largest ever bets on a rally in oil prices, just as evidence mounts that energy companies are hunkering down for a delayed recovery.
It’s always dangerous to make a “this time it’s different” call, but with the crude oil price there are some good reasons to consider it may now be true.
Crude has lost half its value since June as U.S. producers pumped oil at the fastest pace since 1983. Prices collapsed after OPEC’s decision on Nov. 27 to maintain production rather than sacrifice market share in the face of a glut.