Oil prices could be heading lower as OPEC dithers, the election raises fears and traders stand on the sidelines. OPEC will dictate where oil prices head for the remainder of the year and into 2017 and the organization’s failure to come to an agreement at its recent Vienna meeting is telling – the major sticking points are the same ones that have been in contention since negotiations began. Everyone wants to boosts prices by cutting production but no one wants to actually cut. Iran wants to return to pre-sanction production levels, Iraq claims it needs the funds to help fight its war with ISIS, Nigeria along with Venezuela are facing economic hardship and in both places are trying to replace production lost due to conflict or lack of resources to maintain equipment. At the last meeting, the consensus was that if any production cuts are to be made, the […]