Oil

Oil: Take OPEC’s output freeze idea with a pinch of salt?
-OPEC mulling output cap at its meeting today, but the market is skeptical
-Among options considered were capping output at 32m bbls/day, close to 32.4m mark in Apr
-Iran's action will be closely watched, given its unwillingness to participate previously
-market watchers are skeptical due to recent oil price rebound, OPEC's policy to maintain mkt shr, China slowdown, return of idle shale capacity
-also oil prices fell 2.2% on avg in the week after OPEC meetings in the past 5 years