OPEC does not want a rapid, destabilizing rise in oil prices, but the Secretary General says that a move to $80 would not hurt the global economy. Demand is gradually recovering but a draw down in inventories as well as improved demand would be needed for OPEC to boost output again.
Oil prices are under pressure this morning, slumping with the reflation trade. Crude trades at $70.40 a barrel this morning, down from above $73.00 late last week.
EUR/USD has dipped as low as 1.3814 thus far and trades now at 1.3828.