Why Ratings Matter to Middle East Oil Producers
Oil extended its decline for a second day as U.S. crude stockpiles unexpectedly increased, keeping supplies at the most in more than eight decades. Crude has surged more than 80 percent since slumping to the lowest in 12 years earlier this year on signs the global glut will ease as U.S. output declines. OPEC’s strategy to defend market share is working, Kuwait’s acting oil minister said in an interview Wednesday. Fitch Ratings Senior Director Jan Friederich discusses how oil price impacts the economy with Bloomberg's Rishaad Salamat on "Bloomberg Markets Middle East."