Gold Silver Reports ~ Crude Oil rates plunged steeply on Monday as supply overhang concerns grew after a Saudi-Venezuela meeting at the weekend showed few signs of coordination to boost prices. No tangible signs emerged from a meeting on Sunday between Saudi Arabia’s oil minister Ali al-Naimi and his Venezuelan counterpart that OPEC and non~OPEC suppliers were ready to meet to discuss the price slump.
*After a flurry of diplomacy over the last two weeks about a possible productioncut roiled oil markets, Sunday’s meeting between cash-strapped Venezuela and the kingpin of the Organization of the PetroleumExporting Countries was seen as “make or break” for a possible deal to boost prices that have slumped 70 percent since mid-2014. Morgan Stanley warned the global supply overhang was unlikely to start clearing before 2017.
However, investors in Brent crude now hold more futures and options contracts that bet on the price rising than at any time since the Inter Continental Exchange’s records began in 2011, data from the exchange showed. Money managers raised their net long position in Brent crude futures and options by 31,346 contracts to 292,300 lots in the week to Feb. 2. Crude Oil Rates Supply Overhang Concerns ~ Neal Bhai Reports