OPEC, led by Saudi Arabia, agreed to cut oil output this year to support prices. Brent could drop to $35/bbl if global GDP slows down from 3.5% to 2.0%
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00:00The oil prices may fall to as low as $35 per barrel, that's according to a report released
00:06by Bank of America Merrill Lynch.
00:08They say that if global GDP falls from 3.5 to 2 percent, this could create wide repercussions
00:14for the oil industry and oil prices may fall.
00:17They say that 1 percent of global GDP fall would mean 0.6 million barrels demand destruction
00:26of oil.
00:27Prime Minister Theresa May's Brussels-backed Brexit vote will be put to test on Tuesday.
00:33Yes, that's right.
00:35And then the parliamentarians will face the moment of clarity as far as that vote goes.
00:41Remember, pound rose half a percent on Friday to as high as levels seen in November.
00:49Pound prices were up 0.28 percent against the dollar to be at 1.2831.
00:56And now the news that you're following is DP World is planning to buy 71.3 percent stake
01:00in the Chilean ports company for about half a billion dollars.
01:04The DP World company wants to expand its operation into Latin America.
01:09That's it from me and thanks for watching.
01:10For more, you can log on to gulfnews.com slash business.