With oil prices having rallied considerably since the abysmal start to the year ... (OPEC) delegates are unlikely to be forced into extreme action.

Mihir Kapadia

The risk-off mood that has been pervasive in the markets in the last few days has taken hold of oil prices, with weakness in Asian markets and a strong dollar contributing to Brent crude dripping back below $50 per barrel, there are some that think that the recent recovery in prices is due to temporary supply issues and not to do with any strengthening demand on the back of a robust global economy.

OPEC members will be keeping a close eye on China, with the low factory activity data that has been released possibly signaling a diminishing demand for oil – something that could do real damage to oil prices.