OPEC's Credibility at Historic Low, Says Mahesh
Oil held near $49 a barrel as OPEC ministers convened in Vienna and Iran resisted overtures from Saudi Arabia to restore a production target scrapped at the group’s last meeting in December. Futures rose 0.3 percent in New York after falling 1.1 percent the previous four sessions. Saudi Arabia is discussing ideas to mend divisions within OPEC including the output target, although no formal proposal has been made, according to delegates familiar with the situation. U.S. stockpiles rose by 2.35 million barrels last week, the American Petroleum Institute was said to report. Barclays Oil Market Analyst Miswin Mahesh discusses with Bloomberg's Mark Barton on "The Pulse."