Output Oil Freeze Speculation Leads to Market Turnaround
The Organization of Petroleum Exporting Countries plans to hold informal talks to discuss the market at the International Energy Forum next month in Algiers. Talk of a potential deal to freeze output helped push oil close to $50 a barrel and prompted money managers to cut bets on falling prices by the most ever. Talks to implement a production freeze collapsed in April when Saudi Arabia said it wouldn’t take part without Iranian participation. Iran was restoring exports after sanctions over its nuclear program were lifted in January. HSBC Senior Economic Adviser Stephen King discusses with "On the Move" hosts Manus Cranny in London and Caroline Hyde in Berlin.
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14:17 - Bhanu Baweja, head of EM cross asset strategy at UBS, discusses inflation in the U.S., the Fed's policy decision and his outlook for interest rates. He speaks on "Bloomberg Markets: European Open." (Source: Bloomberg)