Oli prices fell overnight after Angola announced it would exit the Organization of the Petroleum Exporting Countries, according to CommSec’s Tom Piotrowski.
He said oil prices dropped up to three per cent overnight as a result.
“So that has casted a bit of a pore over things,” he told Sky News Australia.
“It is now just quite whether or not that might be a pathway for other countries to follow.
“The point to make is there not far off the lowest levels of the year notwithstanding everything that’s going on in the Middle East.”
Presented by CommSec.
How how are we looking today how how are we going to um start at least um You Might Recall yesterday around this time we were talking about the US markets having falling into a bit of an air pocket and they ended up being down in
The order of 1 and a half% which was the worst decline that we’ve seen since September and quite a departure from the recent strength that’s featured where US stocks in particular are concerned so it’s nice to report that at least this session the stocks have wred themselves to some extent uh they’re grinding
Higher we’re seeing gains in the order about a half of 1% where the three leading indices are concerned the S&P 500 up uh by half the NASDAQ up a little more than Dow up a little less so importantly this session there were some growth figures uh National Council GDP
Figures which were uh describing the US economy in quite flattering terms the pace of growth in annualized terms 4.9% so uh quite strong but the moderation from the previous quarter or the previous uh estimate uh but importantly within this it showed that consumer spending was moderate rating a little
Bit so that um e concerns around uh the inflationary piece uh and contributed to a fall in long-term interest rates and that’s what has been supportive as far as stocks have been concerned so uh that’s one thing to talk about the other thing is that oil prices took quite a
Knock last night piit they were down by as much as 3% at one stage because Angola has announced that it will be leaving the OPEC cartel so uh that has cast a bit of a p over things there’s now disqui over whether or not that might be a pathway for other countries
To follow uh you know OPEC has been an organization that’s been marked by quite uh significant Discord in the past it hasn’t been recently but um in any case that contributed to all prices Falling by as much as 3% at one stage they’ve recovered a little bit since uh then
Down by about 3/4 of percent the point to make is that they’re not far off their lowest levels of the ear Peak not withstanding everything that’s going on in the Middle East
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Good for Angola 🇦🇴, and for lower fuel prices across the globe 🌎 👍.
I'm Angola 🇦🇴 and happened to know about our governments decision a little while.
OPEC like every cartel is evil.
Does our petrol go down?
*MAGA whats OPEC*
Those angolians have so much oil they could deep fry a dingo
Go Angola
Oil up 8 dollars this week… down 40 cents over night. You're joking.
Stock exchange is NOT the economy!!! We are all in for amazing year, not in a good way, in the US.
But Bitcoin will save us, to the moon. Roll in the crypto fan boys comments . Fools trapped in a moronic scam. Keep hodling losers
For how long?
Joe Biden will keep the oil prices down until after the election to make himself look good.
Wonder what the prices would have been if keystone wasnt shut down!? Thanks potatohead! 🤪
As he said OPEC is a cartel no different to a drug cartel just a legalised one 😮
Wish other OPEC getting smaller shares from Saudi led cartel could follow suit. Saudi is too bossy
Anyone who says the markets dictate the economy is talking nonsense. I wish Angola well with this decision. More need to join this movement
Yeah airbus will make sure they go up in Australia
Australia should follow. We don't need to be part of these organisations
I find it amazing how the closer we get to our election the steeper the decline and gas prices get here. I was paying over five dollars a gallon less than a month ago. It’s down over a dollar since then coincidence? I don’t think so.