Oil jumps on the report
From the Financial Times: "Members of Opec have discussed holding an emergency meeting if crude continues to slide, according to Nigeria's oil minister, in a sign of their growing alarm over the impact of a lower oil price on their economies."
Oil immediately jumped more than $1 on the headlines, touching $50.50 but it quickly pared back to $49.84..
Here's the money quote:
"Almost all Opec countries, except perhaps the Arab bloc, are very uncomfortable," said Ms Alison-Madueke
If the price "slips any further it is highly likely that I will have to call an extraordinary meeting of Opec in the next six weeks or so", she said in an interview with the Financial Times. "We're already talking with member countries."
Update: Oil prices have completely given back that gains.
That's a sign of the bearishness embedded in oil. Even if there's no hint at the Saudi's bowing, an emergency meeting would be a major event.
