Australian shares are poised for a modest rise even as US stocks tumble. $A drops. Risk of OPEC output cut rises. Follow updates here.
Oil has fallen to its lowest in almost a year and that has increased the risk that OPEC + will cut production, according to Eurasia Group.
“Renewed concerns over the short-term global-demand outlook, and temporarily diminished worries that impending EU sanctions will disrupt Russian crude flows, have put markets on the defensive: Front-month Brent crude prices have fallen by almost $US8 per barrel since the middle of last week. Prices are currently hovering around $US82 per barrel.
“Ultimately, the decision will depend on the trajectory of the oil price when OPEC+ meets and how much disruption is evident in markets because of the EU sanctions.
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