Prospect of Russian oil talks with OPEC and Draghi comments boost markets

Things are looking calmer, for now...

Prospect of Russian oil talks with OPEC and Draghi comments boost markets

Mario Draghi appeared before MEPs for his quarterly batch of questions today. Photo: AP

Share prices continued their short recent rally on Asian markets overnight, there were gains on Asian markets overnight, with the Nikkei 225 rising by almost 1%, while the Shanghai Composite index recorded a 3% bounce.

Markets were boosted by the prospect of oil supply talks between OPEC and Russia and Mario Draghi’s pledge to the European Parliament that the ECB would "not hesitate to act" in terms of further stimulus programmes from next month if it believed falling stock markets were impacting on the bank’s inflation targets.

"The ECB is ready to do its part," Mario Draghi told EU officials yesterday.

These comments brought calm to international markets, Dublin's ISEQ closed up 161 points while the FTSE rose by 117 points.

Saudi Arabia’s oil minister, Ali al-Naimi is expected to meet his Russian counterpart in Qatar later today, a meeting that will also be attended by fellow OPEC member, Venezuela.

The country is one of the world’s largest exporters of oil and OPEC’s most influential member, have insisted they won’t reduce production to tackle the global oil glut, unless major producers outside OPEC, such as Russia co-operate.

The price of Brent Crude oil rose by more than 5% to top $35 a barrel on news of the planned meeting.