NTDTV
Market Report – OPEC Holds Steady
(NTDTV)
In today’s market report… OPEC agreed to hold output targets steady at a meeting in Vienna. They’re vying that a global economic rebound will boost prices.
Top exporter Saudi Arabia said oil prices above $71 a barrel meant no need for action, while OPEC’s secretary-general said external conditions remained fragile.
In July 2008 oil rose to $150 a barrel, followed by a crash to just $32 by December, which sparked record output cuts.
As economic prospects have improved, OPEC has raised its price ambitions while trying not to choke off recovery.
That recovery was reflected in Asian shares prices today, with energy firms like Australia’s Woodside gaining and banks across the region firming.
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