Oil bounce on Saudi report not enough to relieve ME pipeline

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By Virginia Furness
28 Jan 2016

Reports that Saudi Arabia has offered to cut oil production by up to 5% if Russia matched the cut resulted in a jump in oil prices to $35 a barrel on Thursday. Despite positive momentum in the markets, bankers say Middle Eastern issuers need a more sustained period of stability before venturing to market.

Widespread reports that Russia is meeting with OPEC and Saudia Arabia caused oil prices to peak at $35 for the first time since early January.  

Bankers are hopeful that the Middle East will yield a decent string of new deals this year, particularly as redemptions are high, but ...

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