OPEC infighting holds down rally in crude prices
Jerome Powell, chairman of the U.S. Federal Reserve. If the Fed announces a surprise hike on Wednesday, oil prices are likely to fall given the headwinds it would create in the U.S. economy.A lackluster week in crude oil markets left many analysts second-guessing the impact of Saudi production cuts, though short-term price movements depend on decisions from the U.S. Federal Reserve.
Any further evidence of infighting among OPEC members could undermine confidence in its ability to uphold its pledge for “unification of the petroleum policies,” as outlined in its charter. The IEA releases its monthly oil market report on Wednesday, including a revised five-year outlook on supply and demand. OPEC in its latest report left many of its forecasts unchanged, though the U.S. Energy Department’s statistical arm inflated its estimate for crude oil prices amid supply-side concerns.
Bill Weatherburn, a commodities analyst at Capital Economics, said refinery activity and industrial production could set the tone for the price of oil globally.
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