Traders Timeout: Oil Prices in Trouble Again

[kreslik.news]

This article was written by Evdokia Pitsillidou, Head of Risk Management at easyMarkets.

The prevailing calm in the oil market came to an end this week after Iraq’s oil minister requested that his country be exempted from OPEC’s production freeze, adding to growing skepticism about the cartel’s ability to drain a sizeable supply glut.

Iraqi energy minister Jabar al-Luaibi dropped a bombshell this week when he said his country needed to boost oil production to raise more money in its fight against Islamic State militants. Iraqi and Kurdish forces recently launched a large offensive to reclaim ... (read more)