Mixed reviews on Oil have been coming in this week, with some new developments flaming the fire of doubt. Here’s what you need to know about Oil.

Firstly, the Financial Times ran a story this week discussing the possibility of OPEC holding a meeting to discuss the collapse of Oil prices. The headline itself caused a bullish sentiment on Oil, and the markets rose briefly, before coming right back down to where they were. WTI is currently trading at 50.56, and Crude Oil is hovering around 50.53. The call for an emergency meeting was sent by Nigeria to the other members of OPEC, but whether or not the meeting will be held remains to be seen. Should the meeting be held, it could drastically alter trader sentiment regarding the commodity.

“Long-term projections show demand is only going up for our product,” says Jack Gerard, the President and CEO of American Petroleum Institute. Indeed, because oil is a non-renewable resource, the increased global production could be only a temporary weight on Oil’s price.

In related news, Obama vetoed a bill on Tuesday relating to the building of a new pipeline through the US. The Keystone XL pipeline, if approved, would run 1100 miles and connect a pipeline in Nebraska (US), with a pipeline in Alberta (Canada). Environmentalists are thrilled about the veto, but with a Republican-led American Congress, this episode could continue at a future date.