OPEC talked up an oil price rally in August by floating the possibility of a freeze deal, but has since all but admitted that nothing would come of the Algeria meeting, at least not right away. In any event, a freeze on record high production was always going to be an underwhelming result, even if the oil markets did not catch on to that fact right away.
Thus, next week OPEC might push down oil prices with a disappointing result from Algeria. But the problems for any oil price rally might only get worse from there.
