WTI crude down 88-cents to $45.20
A fresh war of words appears to have opened up between Iran and Saudi Arabia and a deal to cut output Wednesday is in danger.
"We expect demand to recover in 2017, then prices will stabilize, and this will happen without an intervention from OPEC," Saudi oil minister Al-Falih said on Sunday in Asharq al-Awsat. "We don't have a single path which is to cut production at the OPEC meeting, we can also depend on recovery in consumption, especially from the U.S."
OPEC can never make things easy for itself.
USD/CAD is slow to react to this news and I think there's room to buy here because if a deal really does begin to fall apart, the pair will cruise through 1.36 and beyond.
