WTI Crude staged a savage rebound during trading on Wednesday with prices clipping $49 following the shocking OPEC production cut deal which eased some concerns over the excessive oversupply in the markets.
Oil prices jumped more than 8 % on Wednesday to a five-week high as some of the world's largest oil producers agreed to curb oil output for the first time since 2008 in a last-ditch bid to support prices.
Stand up or go home. The oil market is giddy as we go into the final stretch in what may be the most important OPEC meeting in recent history. The Cartel today will not only decide on a deal to restrain production, but there also may be a vote on the cartel's future relevance.
Iran and Iraq are resisting pressure from Saudi Arabia to curtail oil production, making it hard for the Organization of the Petroleum Exporting Countries to reach a global output-limiting deal when it meets on Wednesday.
OPEC is a real turkey and knows how to mess up Thanksgiving. In fact, it was Thanksgiving two years ago when OPEC failed to secure a production cut and the Saudis declared a production war that has gone on until this day.
The deal may be all but done, but will it solve all the problems for U.S. energy and refiners? Crude oil prices continue their rally on reports of progress in OPEC production cut talks in Vienna. The latest sign that a deal is in the offing came when the Nigerian delegate Ibrahim Waya, a member of the Nigerian delegation, said, “It is likely everybody will be onboard by the end of the day.”
OPEC has a "technical deal" that could be solidified at a technical meeting this week in Vienna. All the major players are saying they are optimistic that a deal will be reached barring any last-minute blow ups. Saudi Arabia, Russia, Iraq and Iran all say that a production deal is within reach and it is possible that even the skeptics are starting to believe it.
OPEC is moving closer toward finalizing this month its first deal since 2008 to limit oil output, with most members prepared to offer Iran significant flexibility on production volumes, ministers and sources said on Friday.
Crude oil prices, after plunging to a three-month low, snapped back on reports of a new diplomatic push by OPEC to finalize a deal to cut production. The report by Bloomberg said that Qatar, Algeria and Venezuela is leading the push to overcome the divide between Saudi Arabia, Iraq and Iran.