Market Insider

OPEC far from blinking in oil price war

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Commodities tomorrow: OPEC plays chicken

As tumbling U.S. oil prices bring a new round of pain for producers, OPEC appears to be far from blinking.

The cartel helped fan the plunge in already-falling crude prices last autumn when it refrained from trimming its output and let prices drop. At the time, some industry analysts expected OPEC to move by its June meeting to shore up prices, and while that could still happen, there are no signs of it.

"They'll basically go to Vienna for nice weather and good shopping and go back home," said Fadel Gheit, Oppenheimer energy analyst.