Oil Higher Ahead Of OPEC Meeting
Oil prices are higher ahead of a meeting by OPEC oil ministers that begins tomorrow. Members of the cartel said they plan to leave the current quotas among members unchanged. By all appearances, the result of the regularly scheduled meeting will be to maintain the price “band†that OPEC has established where it maintains oil prices by benchmarking an “OPEC barrel†within a $22 through $ 28 price band. Currently, an OPEC barrel is about $26.
July crude
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September bonds
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Greenspan was not the only one broadcasting to the financial world that inflation is not a problem. The head of the European Central Bank, Wim Duisenberg, said he expected inflation would drop below the ECB’s 2% target early next year. Still, European inflation is projected to remain near 3%, which is putting pressure on the euro FX
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Also from the Implosion-5 List, Swiss francs
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