Saudi Energy Minister hopes OPEC agrees to extend production cut 'early July' Commodities1 hour ago (Jun 16, 2019 01:45AM ET)
KARUIZAWA, Japan (Reuters) - Saudi Energy Minister Khalid al-Falih said on Sunday that OPEC would probably meet in the first week in July in Vienna and that he hoped it would reach consensus on extending its agreement to cut oil output.
Falih said earlier this month that OPEC was close to agreeing to extend the agreement beyond June, although more talks were still needed with non-OPEC countries that were part of the production deal.
The Organization of the Petroleum Exporting Countries plus Russia and other producers, an alliance known as OPEC+, have a deal to cut output by 1.2 million barrels per day (bpd) from Jan. 1.
"We are hoping that we will reach consensus to extend our agreement when we meet in two-weeks-time in Vienna," Falih told reporters on the sideline of a G20 energy and environment ministerial meeting in , northwest of Tokyo.Asked when the meeting will be held, he said: "Probably first week of July".
As Wall Street copes with a disappointing September kickoff, Oppenheimer’s John Stoltzfus is actively putting money to work.
The market bull believes trade frictions between the U.S. and China will dramatically ease within months and pave the way for a significant market rally.
“Machismo seems to be keeping the deal from being done,” Oppenheimer Asset Management’s chief investment strategist told CNBC’s “Futures Now ” on Tuesday. “We do think, however, there would likely be a deal before February.”
Why February? That’s when presidential primary season begins.
“Perhaps, it would cause an unconventional presidency to be a little bit more diplomatic in bringing about an agreement,” Stoltzfus said.
Bank stock took a hit Monday, as the yield on 10-year Treasury notes fell for a sixth-straight session, which would be the longest losing streak this year. The SPDR Financial Select Sector ETF XLF, -0.36% fell 0.5%. Within the ETF, shares of Bank of America Corp. BAC, -1.25% dropped 0.8%, Citigroup Inc. C, -0.26% shed 0.8%, J.P. Morgan Chase & Co. JPM, -0.69% lost 0.6%, Wells Fargo & Co. WFC, -0.16% gave up 0.5% and Goldman Sachs Group Inc. GS, -0.47% lost 0.6%. The 10-year Treasury yield TMUBMUSD10Y, -2.66% fell 5.6 basis points to 1.699% after weak eurozone data, and has declined 20.4 basis points since closing at a 6-week high of 1.903% on Sept. 13. Another decline at the close would mark the longest losing streak since the eight-day stretch ending Dec. 7, 2018. Lower longer-term yield can hurt bank profits, as it reduces the spread between what banks earn on longer-term assets that are funded by shorter-term liabilities. The financial ETF has gained 17.9% year to date through Friday, while the Dow Jones Industrial Average DJIA, -0.19% has advanced 15.5%.