Hard to See Oil Price Move Higher, Says Stretch
An OPEC deal to cut oil output at a meeting this month is looking increasingly unlikely, with failure warranting prices in the low-$40s, according to Goldman Sachs Group Inc. The Organization of Petroleum Exporting Countries is due to meet in Vienna to implement the first supply cuts in eight years and get other producers from outside of the group to join, notably Russia. Brent crude extended losses below $50 a barrel on Monday after weekend talks failed to yield concrete details on an accord to reduce the global crude surplus and stabilize prices. CIB Head of FX Strategy Jeremy Stretch discusses with Anna Edwards and Yousef Gamal El-Din in London and Manus Cranny in Dubai on "Bloomberg Daybreak: Europe."