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Oil Jumps On OPEC's El-Badri's "$200 A Barrel Sometime" Comments

The headline-reading algos were at the top of their game this morning when milliseconds after OPEC's general secretary Abdalla El-Badri said oil prices could reach $200 a barrel if there's a lack of investment following this price slump... though failed to provide any timeline for his forecast. WTI prices jumped $1 from $45 to $46 even as El-Badri noted the market was still over-supplied by 1.5 million barrels per day.

 

  • *OPEC'S EL-BADRI HOPES OIL MKT WILL RECOVER IN `REASONABLE TIME'
  • *OPEC OPEN TO DISCUSSIONS WITH NON-OPEC TO BALANCE MKT: EL-BADRI
  • *OPEC TO RESUME SWING-PRODUCER ROLE EVENTUALLY: EL-BADRI
  • *EL-BADRI SEES SOME OPEC UPSTREAM PROJECTS CANCELED