To say it was less aggressive than many traders expected didn't take long to show up in markets around the globe either as Asian shares joined the selling overnight with"Japan's Nikkei .N225 tumbled 2.2 percent at the close, the biggest daily drop since Sept. 29. It was down 1.9 percent for the week, the most in three months and China's CSI300 index .CSI300 slipped 1.6 percent, shrinking gains for the week to 3.8 percent."
Currency markets also felt the sting with the Euro rising over 3 percent for its largest one-day move in over six years while the dollar index fell to a one month low before rallying over night.
In other news the Wall Street Journal reports that OPEC meeting in Vienna today most likely won't lead to any changes in production output.
The energy ministers of the OPEC nations gathered for the cartel’s policy meeting on Friday amid warnings from its staff that oil prices will likely remain low no matter what the group decides to do about production.
The analysis, which was reviewed exclusively by The Wall Street Journal, underscores the conundrum faced by the Organization of the Petroleum Exporting Countries as it tries to respond to a prolonged oil-price slump. With global supplies of oil far outpacing demand, a debate is expected Friday between a faction that wants a reduction in production to boost prices and another arguing such a move would only give away market share to competitors in the U.S. and elsewhere.
The cartel is expected to continue with its policy of pumping flat out, even though prices for Brent crude, the international benchmark, have fallen to less than $45 a barrel compared with highs of $114 a barrel last year. That policy was set a year ago and was a departure for a group that normally pulled back output when prices fell to make oil scarcer and more valuable.
Currency markets also felt the sting with the Euro rising over 3 percent for its largest one-day move in over six years while the dollar index fell to a one month low before rallying over night.
The energy ministers of the OPEC nations gathered for the cartel’s policy meeting on Friday amid warnings from its staff that oil prices will likely remain low no matter what the group decides to do about production.
The analysis, which was reviewed exclusively by The Wall Street Journal, underscores the conundrum faced by the Organization of the Petroleum Exporting Countries as it tries to respond to a prolonged oil-price slump. With global supplies of oil far outpacing demand, a debate is expected Friday between a faction that wants a reduction in production to boost prices and another arguing such a move would only give away market share to competitors in the U.S. and elsewhere.
The cartel is expected to continue with its policy of pumping flat out, even though prices for Brent crude, the international benchmark, have fallen to less than $45 a barrel compared with highs of $114 a barrel last year. That policy was set a year ago and was a departure for a group that normally pulled back output when prices fell to make oil scarcer and more valuable.
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