Have oil prices hit bottom?

Oil prices jumped last Tuesday on news of a deal to freeze production between Saudi Arabia and Russia – but not for long.

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Oil prices jumped last Tuesday on news of a deal to freeze production between Saudi Arabia and Russia, but finished the week pretty much where they started it. That's "probably a fair reflection" of the deal's significance, says Malcolm Graham-Wood on MalcysBlog.com. A freeze on production, while "laudable, ain't going to change the market". There is still a glut, which will look even worse next month when refiners do their usual maintenance ahead of the driving season and thus cut back on buying oil in the market.

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Andrew Van Sickle
Editor, MoneyWeek

Andrew is the editor of MoneyWeek magazine. He grew up in Vienna and studied at the University of St Andrews, where he gained a first-class MA in geography & international relations.

After graduating he began to contribute to the foreign page of The Week and soon afterwards joined MoneyWeek at its inception in October 2000. He helped Merryn Somerset Webb establish it as Britain’s best-selling financial magazine, contributing to every section of the publication and specialising in macroeconomics and stockmarkets, before going part-time.

His freelance projects have included a 2009 relaunch of The Pharma Letter, where he covered corporate news and political developments in the German pharmaceuticals market for two years, and a multiyear stint as deputy editor of the Barclays account at Redwood, a marketing agency.

Andrew has been editing MoneyWeek since 2018, and continues to specialise in investment and news in German-speaking countries owing to his fluent command of the language.