Rolling coverage of the latest economic and financial news as investors wait for a deal between oil producers, and prepare for another 5 million US jobless claims
Market jitters ahead of the US weekly jobless figures have caused the US dollar index to drop by around 0.16%.
But the dollar’s loss has been the pound’s gain, helping push cable to a one week high:
Without a deal between Moscow and Riyadh at today’s Opec+ meeting, oil prices could fall to $10 per barrel, according to some US shale producers.
It’s a strong warning from US energy executives who spoke to the FT (£) ahead of Thursday’s meeting:
If Opec and Russia do not agree a deal, oil prices will sink to $10 a barrel and US output will be almost halved — from 13m b/d to 7m, said Scott Sheffield, head of Permian producer Pioneer Natural Resources, one of Texas’s leading shale companies.
A deal would restore prices to $35 or more, but the producers would still struggle and the US would lose 3m b/d of supply, Mr Sheffield said.