Speaking from Caracas on Monday, OPEC Secretary-General Mohammed Barkindo predicted that oil prices would stabilize in 2017. Venezuelan President Nicolas Maduro expressed hope that its crude prices would hit $70 by the end of the year, and $60 in the first half of the year. Venezuela has been one of the countries hit hardest by the oil price drop since 2014, with its oil trading at $44.82 last week. The country recently appointed a new oil minister, Nelson Martinez, who is slated to participate actively in the OPEC and non-OPEC production monitoring committee.
Oil prices were mixed during Tuesday’s Asian session, with U.S. WTI crude oil futures trading at $52.39, a modest gain of only 2 cents per barrel. Brent crude futures were down to $55.67 per barrel, a 19 cent drop. Oil prices have slumped 5 percent in the first few weeks of the year.
Saudi Arabia has maintained its commitment to a production cut, and Saudi Energy Minister Khalid al-Falih said on Monday that “Many countries are actually going the extra mile and cutting beyond what they’ve committed.”
Markets Brace for May’s Announcement
The British pound hovered near three-month lows on Tuesday on fears that British Prime Minister Theresa May’s speech later today will take a harsh stance towards Brexit which would effectively end the country’s access to the European Union single market.
The pound his a 10-week low against the euro, trading 88.53 pence per euro, and it hit an eight-week low against the yen, trading at 136.81 yen. May has reiterated regularly that she plans to take a hard stance with regard to the Brexit and that she will not seek action that will leave Britain ‘half in, half out.’
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