Stocks Jump as OPEC Splits Markets; Indian Assets Drop on Attack (BBG) In U-Turn, Saudis Choose Higher Prices Over Free Oil Markets (BBG) Congress Passes Spending Bill to Keep Government Running (WSJ) Wells Fargo chief Stumpf heads to...Show More Summary
Apparent U-turn by Saudi Arabia means cartel will cut production for first time since 2008 in bid to reduce the global glut and boost revenues Oil and share prices have risen after Opec members struck a deal to limit crude output for the first time since 2008, in a bid to ease a global glut that has halved crude prices in the past two years. Show More Summary
Dave Lutz, head of Exchange Traded Funds (ETFs) at JonesTrading, has a quick overview of what traders are watching on Thursday ahead of the US market open. In brief: Oil prices are pulling back after Wednesday's surge. Oil had spiked...Show More Summary
Goldman has done it again. Two days after the central banker-incubator cut its year end price target from $50 to $43, admitting the previously anticipated rebalancing will take longer to achieve, and now expects "a global surplus of 400 kb/d in 4Q16 vs. Show More Summary
Stock markets across Europe are surging at the open on Thursday after a surprise production cut agreement from OPEC pushed oil prices higher. Europe's major indices popped over 1% at the open on Thursday, but have since pulled back slightly. Mike...Show More Summary
Saudi Arabia, the world's biggest oil producer, is beginning to reverse a two-year policy of unlimited oil production, agreeing an output cap with fellow members of oil cartel OPEC. The price of crude oil jumped more than 6% after the...Show More Summary
``The decision at this week's meeting of the Organization of Petroleum Exporting Countries in Algiers to cut production was necessitated by Saudi Arabia's tattered finances. The kingdom has the highest budget deficit among the world's...Show More Summary
Oil popped more than $3 from the lows of the day (as much as 7%) on news OPEC has agreed to a production cut. We've talked a lot throughout the year about the price of oil. When it collapsed to the $20s, it put the entire energy industry on bankruptcy watch. Of [...]
Crude oil prices are going to remain volatile in the short term because OPEC could not reach an agreement at its September meeting. The post Where Crude Oil Prices Are Headed After the Algeria OPEC Meeting was originally published at The Wall Street Examiner. Follow the money!
OPEC nations reached a preliminary agreement Wednesday to curb oil production for the first time since the global financial crisis eight years ago, pushing up prices that had sunk over the past two years and weakened the economies of oil-producing nations. Mohammed Bin Saleh Al-Sada, Qatar's energy...
Oil prices jumped as much as 6 percent on Wednesday after OPEC sources said the group has reached a deal to limit crude output at its policy meeting in November, a source for the producer group said. Brent crude was up $2.76, or 6 percent, at $48.73 a barrel by 2:28 p.m.
OPEC nations have reached a preliminary agreement to curb oil production for the first time since the global financial crisis eight years ago, immediately pushing up oil prices. Mohammed Bin Saleh Al-Sada, Qatar's energy minister and current president of OPEC, announced the deal after several hours...
OPEC has agreed to cut its oil output for the first time since 2008, following a capitulation by group's leader Saudi Arabia, which was forced to soften its stance on arch-rival Iran amid mounting pressure from low oil prices. According...Show More Summary
OPEC agreed on Wednesday modest oil output cuts in the first such deal since 2008, with the group’s leader Saudi Arabia softening its stance on arch-rival Iran amid mounting pressure from low oil prices. “OPEC made an exceptional decision today... Show More Summary
Stocks are closing solidly higher after energy companies soared along with the price of crude oil, the AP reports. Energy stocks had their biggest one-day gain since January Wednesday after the price of crude jumped 5% on reports that OPEC nations had agreed to production cuts. Nine of the 10...
OPEC Announcement The market had low expectations heading into this week’s OPEC meeting. The story broke Wednesday afternoon. From Bloomberg: OPEC agreed to cut production for the first time in eight years, sending oil prices more than 6 percent higher, as Saudi Arabia and Iran wrong-footed traders who expected a continuation of the pump-at-will policy the [...]
WTI crude prices shot higher Wednesday afternoon on reports of an OPEC deal to cap production later this year. (CLICK TO ENLARGE). Crude prices are off to the races. Oil darted higher after a Reuters report that the Organization of Petroleum Exporting Countries has reached a deal to limit oil production in November. West Texas […]
US stocks, led by the energy sector, jumped with oil prices after a report that the Organisation of Petroleum Exporting Countries agreed to limit production in November. The energy sector gained 3.9%, the most among the S&P 500's 11 sectors at 2:28 p.m. Show More Summary
Oil is going through the roof following a Reuters report citing "sources" that OPEC has reached a deal to limit oil production, with the deal coming into effect in November. Prices for Brent crude oil, the international benchmark, surged by as much 6.3% to $49.44 per barrel around 2:33 p.m. Show More Summary