Market Extra: Morgan Stanley throws cold water on hopes of any OPEC freeze deal

Energy investors got all excited last week on hints of a freeze deal among major oil producers, but anyone hoping for coordinated action to boost the struggling oil market is bound for disappointment, according to Morgan Stanley.

In a note out on Monday, strategists led by head of energy commodity research Adam Longson warned that an output agreement between members of the Organization of the Petroleum Exporting Countries remains “highly unlikely” as the cartel members battle for market share.

“The market treats OPEC as the central banker of oil where simple jawboning can move markets and scare off shorts,” they said in the note.

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