Key themes in oil and a split FOMC - ANZ

Analysts at ANZ offered commentary on key themes.

Key Quotes:

" Oil prices continued to firm overnight, rising 2%, following a 5% lift the day before. Agreement across OPEC to curb production signals the end of a two-year pump-at-will approach; that’s moving from market forces to cartel based revenue maximisation. The canary in the coal mine remains agreement over how much each country will actually produce."

"US officials continued to echo the split on the FOMC over the timing of rate rises with Fed governor Powell saying he thinks the Fed can still be patient and gradual. Atlanta Fed President Lockhart said the bank is nearing maximum employment and inflation goal of 2%. Philadelphia’s Harker said policy-makers should raise borrowing costs. Kansas Fed President George thinks that rates should go up now."