Representational image. PHOTO: REUTERS
LONDON: New York oil sank to under $50 on Thursday owing to doubts over an Organisation of Petroleum Exporting Countries (OPEC) output cut, while most stocks rose as the Federal Reserve hinted at a softer pace of interest rate hikes. Investors, meanwhile, remained wary about the weekend’s crunch trade talks between US President Donald Trump and Chinese counterpart Xi Jinping at the G20 summit in Buenos Aires. The pound fell versus the dollar and euro one day after the UK government and the Bank of England painted a bleak picture of the country’s economic future following Brexit. Traders remain uncertain about whether the OPEC and non-OPEC producers like Russia will agree to curb output at their Vienna gatherings next week.
Published in The Express Tribune, November 30th, 2018.
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