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(Bloomberg) -- With their next meeting just weeks away, OPEC and its partners are showing no impetus for stronger action to support oil prices. But without intervention, some influential forecasters say a new supply glut could send the market crashing early next year.Crude prices, trading at about $62 a barrel in London, may tumble almost 30% to $45 a barrel if the Organization of Petroleum Exporting Countries and its allies don’t announce deeper production cutbacks, according to Morgan Stanley. Citigroup Inc. and BNP Paribas SA predict a slide to the low $50s.That would intensify the strain on group members like Venezuela, Iran and Iraq, which are already reeling from economic crises and political unrest. It would also ripple through the rest of the industry, hitting the shale boom that has transformed the U.S. into the world’s biggest oil producer.“The prospect of oversupply looms over the market in 2020,” said Martijn Rats,...
Burger King on Monday rolled out a meat-free version of its Whopper burger in 25 European countries, using patties made by Unilever Plc to strengthen its foothold in the exploding market for plant-based food served in restaurant chains. Heightened concerns about health and the environmental impact of industrial animal farming are pushing plant-based proteins into restaurant menus and chilled meat aisles in stores. Companies from Beyond Meat Inc to Impossible Foods Inc are competing fiercely for deals with fast-food makers, as plant-based mania spreads across Europe and the United States....
While some investors are already well versed in financial metrics (hat tip), this article is for those who would like......
The main trend is up according to the daily swing chart, but the selling has taken the market dangerously close to the last main bottom at $2.575. A test of the 50% to 61.8% retracement zone at $2.647 to $2.585 could attract some speculative buyers to slow down the selling pressure....
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