OPEC and allies reportedly set for video meeting as analysts pour skepticism on Trump’s intervention – By Sam Meredith (CNBC) / April 3 2020
- It comes less than 24 hours after President Donald Trump told CNBC that he expected OPEC kingpin Saudi Arabia and non-OPEC leader Russia to take up to 15 million barrels of crude off the market.
- Brent settled up more than 21% on Thursday, registering its best day since contract inception in 1989, while WTI closed up over 24%, also marking its best-ever daily rally.
- “Donald Trump’s tweet … It’s nonsense, really,” Patrick Armstrong, chief investment officer at Plurimi Investment Managers, told CNBC’s “Squawk Box Europe” on Friday.
Oil producer group OPEC and its partners will reportedly hold an emergency virtual meeting on Monday, with all members of the energy alliance expected to take part in an effort to stabilize markets.
It comes less than 24 hours after President Donald Trump told CNBC that he expected OPEC kingpin Saudi Arabia and non-OPEC leader Russia to take up to 15 million barrels of crude off the market.
International benchmark Brent crude traded at $32.78 a barrel Friday morning, up over 9%, while U.S. West Texas Intermediate (WTI) stood at $26.59, more than 5% higher.
Brent settled up more than 21% on Thursday, registering its best day since contract inception in 1989, while WTI closed up over 24%, also marking its best-ever daily rally. It leaves both benchmarks on pace for their best week since January 2009, although, year-to-date, Brent and WTI are still down more than 54%.
On Friday, Azerbaijan’s energy ministry said a virtual meeting between OPEC producers and non-OPEC partners, an alliance sometimes referred to as OPEC+, had been scheduled for April 6, according to the RIA news agency.
OPEC was not immediately available to comment when contacted by CNBC Friday morning.
Continue to article: https://www.cnbc.com/2020/04/03/oil-and-coronavirus-opec-set-for-meeting-after-trump-intervention.html
