The Brent oil price rocketed 4% to $44.02 last night as the US dollar swooned and OPEC scuttlebutt went into overdrive, from Reuters:
Saudi Arabia, the largest oil producer in the Organization of the Petroleum Exporting Countries (OPEC), was prepared to propose members cut oil output by 1 million barrels per day next year if non-OPEC countries joined in, industry publication Energy Intelligence reported.
A Saudi source said later the report was “baseless” but declined further comment and a source at Energy Intelligence said it stood by its story. Oil prices rose 3 percent on Thursday but analysts said a global deal would be hard to reach.
