ANALYSIS- A $70 oil floor? Fat chance, but OPEC price plan may be first step

ANALYSIS- A $70 oil floor? Fat chance, but OPEC price plan may be first step

The safe money for oil traders is betting that Venezuela’s plan to resurrect OPEC’s old price band mechanism, attempting to set a $70 floor for the battered market, will be doomed from the start. Saudi Arabia, the group’s de facto leader, has shown zero interest in returning to a strategy of supporting prices; big producers…

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