Oil rises alongside equities, but weak OPEC outlook caps gains [Toronto Globe and Mail (Ontario, Canada)]
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Source: Toronto Globe and Mail
Oil rises alongside equities, but weak OPEC outlook caps gains Oil prices on Friday rebounded from a two-day drop, alongside equities as expectations of further stimulus by central banks helped to ease recession concerns. But oil’s gains were capped after the Organization of the Petroleum Exporting Countries trimmed its global oil demand forecast in a downbeat outlook for the rest of 219 as economic growth slows. The cartel also highlighted challenges in 22 as rivals pump more, building a case to keep up an OPEC-led pact to restrain supplies. “OPEC killed the golden goose,” said Bob Yawger, director of futures at Mizuho in New York. “We’ve had some little rallies back into the green, as market tries to follow equities higher, but the fundamentals in the report are so bearish that it caps the rallies.” Story continues below advertisement Brent crude was up 32 cents, or .6 per cent, at $58.56 a barrel by 11:16 a.m. EDT, after falling 2.1 per cent on Thursday and 3 per cent the previous
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