OPEC Members Find Unity in Oil's Direction
Brent crude held its gains near $50 a barrel as investors shrugged off OPEC’s decision to stick to its policy of unfettered output amid signs the global market is re-balancing. Futures were little changed in London after closing above $50 for the first time in almost seven months. While members of the Organization of Petroleum Exporting Countries rejected a proposal to adopt a new production ceiling, ministers were united in their optimistic outlook for markets. U.S. output declined for a 12th week and crude stockpiles dropped, according to a report from the Department of Energy’s statistical arm. Bank of Tokyo-Mitsubishi UFJ European Head of Global Markets Research Derek Halpenny discusses with Bloomberg's Mark Barton and Will Kennedy on "The Pulse."