Oil Rallies on the Back of Frozen Hope
Even if OPEC strikes a deal with Russia next month in Algiers to freeze oil production, success will mean a lot less than when they tried and failed four months ago. Oil has rallied more than 10 percent since the Organization of Petroleum Exporting Countries said that it will hold an informal meeting in the Algerian capital, fanning speculation the group could complete a supply agreement with rival producers that sputtered in April. Iran may now drop its refusal to join a freeze after restoring most of the crude output curbed by sanctions, a development analysts say makes a deal more likely, but also less worthwhile. Bloomberg's Stuart Wallace reports and Coutts Chief Investment Officer Alan Higgins discuss with "On the Move" host Guy Johnson.
Most Recent Videos
S&P's Kraemer on German Election, Portugal, Brexit
24:26 - Moritz Kraemer, chief rating officer at S&P Global, discusses the German election, the upgrade for Portugal's credit rating, the Catalan referendum, the U.K. downgrade and Theresa May's speech in Florence. He speaks on "Bloomberg Markets: European Open." (Source: Bloomberg)