Oil tops $30 a barrel on hopes of potential deal

[webfact]

Oil tops $30 a Barrel on Hopes of Potential Deal
BY JACOB MASLOW

NEW YORK: -- Crude oil prices are higher on hopes that both OPEC and non-OPEC producers will come to an agreement that addresses swelling oversupply.

Brent crude, the worldwide oil benchmark, recovered from a decline earlier in the day and traded at $30.67 a barrel. Brent plummeted to a 13-year low last week and hit $27.10 a barrel, the lowest since 2003.

Producers from the Organization of the Petroleum Exporting Countries are willing to cut oil production if non-OPEC producers join the move. Russia, one of the world’s top oil producers, has refused to cooperate.

Kuwait’s OPEC Governor, Nawal al-Fuzaia, hinted during an energy conference in Kuwait City that her organization is ready to work with rival producers in order to stabilize crude oil prices.

Full story: http://www.streetwisejournal.com/oil-tops-30-a-barrel-on-hopes-of-potential-deal/


-- StreetWiseJournal 2016-01-27

[OMGImInPattaya]

Its like back to the '70s...and in today's money, it's more like 10 bucks.

[Publicus]

Now is the time for Putin and his rubble ruble and CCP Dictators in Beijing to move to knock out the Petrodollar.

Petrodollar has never been this vulnerable with prices as low and with challengers in Moscow and Beijing who are chomping at the bit to take control of the global economy and establish a new order of economics and finance based in a gold standard. CCP has all this gold and Moscow has.....whatever Then there are the Brics

Saudi Arabia is vulnerable to buy off and so are the Gulf States. Iran is buddies with Moscow and Beijing too.

Trouble is the ruble isn't worth any more than the yuan and the IMF basket of SDR currencies is tough to move around electronically or at all cause it isn't worth anything or backed up by anything -- except the USDollar.

So where are the blowhard Putin fanboyz and the Beijing boosters along with the Austrian school of mooncake economists who want to destroy the usd as the global reserve currency and as the dominant global currency of trade.

Windbags.

[Scott]

These agreements don't tend to hold when there is a big 'if' clause in the middle of the agreement. The are even more tenuous when the 'if' involves nonmembers.

[noitom]

"If" clauses are like traditional Thai agreements.

[connda]

Not until it bounces off of $20/bbl.