The Rising Influence of Rising Affluence

[DewDiligence]

OPEC—Talk is cheap:

http://www.wsj.com/articles/is-opec-all-talk-1474558453

A now-familiar pattern ensued Monday after Venezuelan President Nicolás Maduro said the world’s big oil producers were close to clinching an output deal—oil prices rose more than 1% early that day, and then quickly fell, posting losses by Tuesday.

It was among the most recent in a series of optimistic assessments about a potential deal by members of the Organization of the Petroleum Exporting Countries. But oil traders and analysts increasingly see the statements as an OPEC ploy to prop up prices short term.