Watch Out OPEC, the Americans Are Coming
OPEC's decision to cut output for the first time in eight years has put a rocket under oil prices. They've gained almost 20 percent since Nov. 30 when OPEC officials convened in Vienna. It's not all sunny uplands for the oil dignitaries, however, because the rally will spur production in the U.S.
Bloomberg Markets - OPEC Confounds Skeptics, Agrees to First Oil Cuts in 8 Years
OPEC Cut Output in Bid to End Record Glut
OPEC confounded its doubters and sent crude oil prices soaring by agreeing to its first production cuts in eight years. The deal, designed to drain record global oil inventories, overcame disagreements between the group's three largest producers -- Saudi Arabia, Iran and Iraq -- and ended a flirtation with free markets that started in 2014.
Bloomberg Markets - Goldman Sees OPEC Meeting Down to the Wire With 30% Odds of Deal
Goldman Sees OPEC Meeting Down to the Wire With 30% Odds of Deal
The oil market is pricing in a 30 percent chance of producers reaching a deal to cut output at OPEC's meeting in Vienna, according to Goldman Sachs Group Inc. The most important market news of the day. Get our markets daily newsletter.