Oil Barely Falls Despite Failure of Doha Talks Says Martin Lustgarten
The lack of agreement between 16 oil producing countries to freeze oil prices left many hoping that oil prices would fall. The recent meeting in Doha, Qatar, does not seem to be the case, however, with early trading on April 18 showing West Texas Intermediate for May delivery down 3.3 percent at $39.99 a barrel, down just .92 percent.
Analysts say that there are several reasons that the oil market took the failure news from Dubai so easily with the primary reason being returning equilibrium between supply and demand.
Another factor causing oil prices not to fall is the oil workers strike in Kuwait causing that country’s production to be cut in half. Kuwait, OPEC’s fourth largest producer, saw its normal production plummet to 1.1 million barrels on April 17 while the country’s normal production is over 3.0 million barrels per day. Kuwait’s 20,000 oil workers walked off the job after the Kuwaiti government suggested that these workers be included on the government’s payroll cutting their wages dramatically.
Martin Lustgarten is an investment banker with a global portfolio. He says that new investors should choose an experienced investor and follow their trading regularly. He says that developing a global portfolio allows investors to expand their personal wealth while limiting the impact that local issues can have on their portfolio. Despite having this ideal, Martin stresses that it is vital for individuals to have a good work ethic following market conditions constantly.
Currently residing in Florida, Martin Lustgarten has managed financial banks throughout the United States. He has tried his hand at investment real estate but his primary interests lie in investment banking. He has been very successful in importing products from emerging markets and then reselling them in the United States. Follow his Soundcloud account to learn more about his musical tastes.