Oil price di­vide

7 Days in Dubai - - BUSINESS -

A UAE analyst said he be­lieves un­cer­tainty over an OPEC deal is the more likely cause of stag­nat­ing oil prices than jit­ters over the out­come of the US elec­tion. OPEC has made lit­tle progress on an agree­ment aimed at cut­ting pro­duc­tion in the hope of ris­ing prices. But Mo­hammed Ali Yasin, MD of Na­tional Bank of Abu Dhabi Se­cu­ri­ties, told Bloomberg last week that con­cern over who would win the US pres­i­den­tial elec­tion was the most likely rea­son prices were not go­ing up. How­ever, oil analyst Robin Mills, CEO of Dubai-based Qa­mar En­ergy, dis­agrees. He said: “Cer­tainly the elec­tion is cre­at­ing un­cer­tainty, but I think the re­cent oil price moves still are more re­lated to the grow­ing un­cer­tainty over an OPEC deal, OPEC’s record Oc­to­ber out­put and re­lated fun­da­men­tal fac­tors. If the dol­lar goes down based on fears of a Trump win that it­self would tend to push up oil prices.”

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