Possible OPEC Deal Fails to Buoy Oil Prices
Oil prices declined Thursday as traders weighed the impact of a potential deal among major exporters to cut production amid the coronavirus pandemic. The initial verdict: The cuts could be too little too late to match the sharp decline in fuel consumption around the world. "A sizable cut would mitigate the issues we're seeing in terms of hitting storage capacity globally," said Saad Rahim, chief economist at commodities trader Trafigura. "But in a sense, it's too little too late for this month given the collapse in demand. The boats are loaded, the pipes are full, and the refineries are cutting runs."
This article was originally published by Dow Jones Newswires on the 9 April 2020.
Read the full article: https://www.wsj.com/articles/oil-prices-rise-ahead-of-crunch-opec-meeting-11586435289
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