Crude futures fell back on Tuesday after Kuwait oil
minister Anas al-Saleh declared that his nation would be unwilling to take part
in an OPEC-Non OPEC accord, unless the agreement involved every member of the
world's largest oil cartel, including Iran.
Investors continue to await a
highly-anticipated meeting from the European Central Bank's Governing Council
for further signals on potential divergence from the top central banks in the
world. The ECB is widely expected to approve a host of easing measures aimed at
bolstering growth throughout the euro zone. When the central bank last met in
January, it held its benchmark interest rate at a record-low of 0.05. At Thursday's meeting, the ECB
could lower its deposit and margin facility rates, while increasing the scope
of its €60 billion a month bond buying program.
OPEC members were
optimistic about an agreement to cut production at their March 20th meeting.
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