U.S. stocks are rebounding from a seven-day decline that erased $1 trillion from equity prices and coincided with a 15% drop in West Texas Intermediate crude between Dec. 5 and Dec. 16. S&P 500 energy producers tumbled 8% over the stretch.
West Texas Intermediate fell from the lowest price in more than four years as Saudi Arabia’s oil minister said the price will stabilize by itself, while the United Arab Emirates said OPEC will do what it takes to balance the market.
A funny thing happened on the way to the OPEC meeting. As a result of a pre-meeting between Saudi Arabia, Russia, Mexico and Venezuela it wasexpected that those countries were on the way to finalize a deal to cut production--then it all somehow fell apart.