Oil futures settle at 6-week high, above $50 after OPEC deal

[mitty14u2]

Source: marketwatch

Oil futures rallied Thursday in the wake of OPEC’s production-cut deal, with West Texas Intermediate crude topping $50 a barrel to end at a six-week high and Brent crude logging its best finish since August 2015.

Natural-gas prices, meanwhile, settled at its highest level in about two years after a weekly drop in U.S. supplies of the fuel met market expectations.

Doubts remain over whether OPEC’s members will stick to the agreement when it’s implemented at the start of the new year, though the Organization of the Petroleum Exporting Countries plans to establish a committee to monitor the cuts.

“Truly, there is no reason to doubt this deal right here right now, it is in Saudi Arabia’s best interest to follow this deal,” said Bill Baruch, chief market strategist at iiTRADER. “The question marks will arrive in the coming months, and we are taking an ‘innocent until proven guilty’ approach.”

Read more: http://www.marketwatch.com/story/oil-prices-keep-climbing-after-opec-deal-brent-shoots-above-52-a-barrel-2016-12-01

---

Feel the Trump Burn? as his Billionaire friends already hitting average Americans at the pumps and heating bills!
Yesterdays Story

[mitty14u2]

1. Oil posts 9% gain as OPEC agrees to cut output for first time in 8 years

.

Oil futures posted a gain of more than 9% Wednesday after OPEC reached an agreement to cut production for the first time in eight years.

The 14-member group, known formally as the Organization of the Petroleum Exporting Countries, agreed to cut daily production by 1.2 million barrels a day to a ceiling of 32.5 million barrels, Mohammed bin Saleh al-Sada, president of the OPEC Conference, told reporters Wednesday in Vienna. The reductions will take effect at the start of the new year. OPEC’s last production cut was implemented in January 2009.

Key non-OPEC oil producers have also agreed to cut back their production by 600,000 barrels a day, with Russia taking on half of that cut, al-Sada said.

Read: OPEC reaches deal to cut oil production


If the deal is implemented, “this will have a swift and significant material impact on the global market balance,” said Matthew Smith, director of commodity research at ClipperData. “This is a huge ‘if’, however.”



http://www.marketwatch.com/story/oil-prices-rebound-but-many-doubtful-opec-can-get-a-deal-done-2016-11-30

Feel the Trump BURN!

[Grey Lemercier]

2. this is good for Trump, unfortunately, as increased prices will drive US oil

companies to go forward with more drilling, production, and fracking, this increases energy-related investment and jobs and overall will push up the GDP growth.

[mitty14u2]

4. Yes thats great, US oil Vs the World, we loose for a few jobs in oil while

300 million pay in every factor from groceries to travel sucking the middle and lower classes dry. fixing the markets ends up in disaster, just ask all the people that paid from Bush disastrous markets fiasco taking 8 years to climb out, the next Depression will be global and we are starting 20 trillion in dept.

[Sen. Walter Sobchak]

3. OPEC doesn't have the discipline to pull this off

The truth will be in the inventory numbers.

[BumRushDaShow]

5. This will probably bring the speculators back into the market

[mitty14u2]

6. June 27, 2008:Oil settles at record high above $140

NEW YORK (CNNMoney.com) -- Oil prices settled above $140 a barrel for the first time Friday during a thinly traded session on Friday as a selloff on Wall Street sent the Dow into bear market territory.

Also enflaming crude prices: expectations that the dollar will remain weak and continuing concerns about global supply disruptions.

Light, sweet crude rose 57 cents to settle at $140.21 a barrel on the New York Mercantile Exchange.

http://money.cnn.com/2008/06/27/markets/oil/

This wasn't that long ago and ended in the great recession.