A two-day meeting of OPEC starts today in in Abu Dhabi. It will discuss members sticking with the pact inplemented in 2016 between the cartel and 10 other oil suppliers, including Russia. The deal so far hasn’t produced cuts in global output or inventories or an increase in prices. September crude is off 1.3% to $49.94 a barrel on the New York Merc. The market is waiting to see if Libya will join the output cap agreement. Libya and Nigeria, were exempted from the initial deal because their output was down due to militant attacks.
The Wall Street Journal reports the Conference Board’s employment trends index rose to 133.77 in July from its revised June reading of 132.42. The index combines eight market indicators, including industrial-production figures from the Federal Reserve, job openings from the Bureau of Labor Statistics, and jobless claims from the Department of Labor. All eight components were positive with the “percentage of firms with positions not able to fill right row” adding the most.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
