Share This Article

Facebook LinkedIn
Twitter Reddit
Print Email
Pinterest Gmail
Yahoo
Money Morning
×
  • Invest
    • Best Stocks to Buy
    • Stock Forecasts
    • Stocks to Sell Now
    • Stock Market Predictions
    • Technology Stocks
    • Best REITs to Buy Now
    • IPO Stocks
    • Penny Stocks
    • Dividend Stocks
    • Cryptocurrencies
    • Cannabis Investing
    • Angel Investing
  • Trade
    • How to Trade Options
    • Best Trades to Make Now
    • Options Trading Strategies
    • Weekly Trade Recommendations
  • Retire
    • Income Investing Guide
    • Retirement Articles
  • More
    • Money Morning LIVE
    • Special Investing Reports
    • Our ELetters
    • Our Premium Services
    • Videos
    • Meet Our Experts
    • Profit Academy
Login My Member Benefits Archives Research Your Team About Us FAQ
  • Invest
    • Best Stocks to Buy
    • Stock Forecasts
    • Stocks to Sell Now
    • Stock Market Predictions
    • Technology Stocks
    • Best REITs to Buy Now
    • IPO Stocks
    • Penny Stocks
    • Dividend Stocks
    • Cryptocurrencies
    • Cannabis Investing
    • Angel Investing
    ×
  • Trade
    • How to Trade Options
    • Best Trades to Make Now
    • Options Trading Strategies
    • Weekly Trade Recommendations
    ×
  • Retire
    • Income Investing Guide
    • Retirement Articles
    ×
  • More
    • Money Morning LIVE
    • Special Investing Reports
    • Our ELetters
    • Our Premium Services
    • Videos
    • Meet Our Experts
    • Profit Academy
    ×
  • Subscribe
Enter stock ticker or keyword
×
Join 100,000+ Like-Minded Investors Today
Twitter
Tags: Oil

Crude Oil Prices Today Soar on OPEC News

By Jack Delaney, Sr. Cannabis Editor, Money Morning • November 30, 2016

Start the conversation

Comment on This Story Click here to cancel reply.

Or to contact Money Morning Customer Service, click here.

Your email address will not be published. Required fields are marked *

Some HTML is OK

Investors are optimistic OPEC will reach an agreement to cap excessive oil production at its meeting in Austria today (Wednesday), which is why crude oil prices today are surging.

This morning, crude futures were up more than 7% in early trading.

Below, you can see that investors are betting the price of oil is going to climb well above $50 a barrel. However, Money Morning Global Energy Strategist Dr. Kent Moors only expects oil to hit the mid-$50s by the end of 2016 if there is a deal. If there is no deal, prices could stay below $50.

crude oil prices today
Source: FactSet

During its September meeting, OPEC presented the groundwork of a plan to cut production. The November OPEC meeting should finalize a deal.

If OPEC is able to reach a deal, it will also mean non-OPEC producers like Russia could consider slashing production.

And Moors believes Russia cutting excessive crude oil production is crucial. He said on Nov. 22 that Russia is the largest non-OPEC oil producer where national production levels are determined by central authorities.

Sign up for SMS so you never miss special events, exclusive offers, and weekly bonus trades.

With Russia on board, that means global crude oil prices could rise as the imbalances between supply and demand are fixed.

But Moors warns investors about two important matters that may still make crude oil prices volatile...

The first is Saudi Arabian Energy Minister Khalid al-Falih has criticized President-elect Donald Trump for his oil import policies. Trump has said he would limit oil imports and prefers domestic production.

And Moors believes al-Falih's criticism could be a sign a deal won't be reached today.

"It may well be that al-Falih is setting the stage to blame Trump if OPEC fails to agree on a production cap in Vienna at the end of the month. It seems everything else is already blamed on America," Moors said.

Moors said that the other roadblock for the OPEC deal today is Iraq and Iran did not attend a meeting of Persian Gulf and other OPEC oil officials in Doha on Nov. 17 and Nov. 18.

Iran and Iraq want exemptions from the oil production cap, and Moors calls those two countries the biggest roadblocks to reaching a deal.

The Bottom Line: Crude oil prices today were climbing over 7% in futures trading. Investors are optimistic a deal will be reached to cut production. But according to Dr. Kent Moors, there is no certainty a deal will be reached in Vienna. Crude oil prices will be volatile if OPEC does not reach a deal like the markets are expecting.

Up Next: Why Trump's Biggest Energy Impact Won't Be Coal

Follow Money Morning on Facebook and Twitter.

Join the conversation. Click here to jump to comments…

Login
guest
guest
0 Comments
Inline Feedbacks
View all comments


Latest News

June 8, 2023 • By Garrett Baldwin

Postcards - Pay Close Attention if This Stock Starts To Fall

June 8, 2023 • By Alex Kagin

Pre-Pandemic VIX Levels, Small-Cap Strength and Campbell Soup

June 7, 2023 • By Garrett Baldwin

There's an Expensive Food "Fire" Starting in America's Heartland
Trending Stories
ABOUT MONEY MORNING

Money Morning gives you access to a team of market experts with more than 250 years of combined investing experience – for free. Our experts – who have appeared on FOXBusiness, CNBC, NPR, and BloombergTV – deliver daily investing tips and stock picks, provide analysis with actions to take, and answer your biggest market questions. Our goal is to help our millions of e-newsletter subscribers and Moneymorning.com visitors become smarter, more confident investors.

QUICK LINKS
About Us COVID-19 Announcements How Money Morning Works FAQs Contact Us Search Article Archive Forgot Username/Password Archives Profit Academy Research Your Team Videos Text Messaging Terms of Use
FREE NEWSLETTERS
Total Wealth Research Power Profit Trades Profit Takeover Penny Hawk Trading Today Midday Momentum Pump Up the Close
PREMIUM SERVICES
Money Map Press Home Money Map Report Fast Fortune Club Weekly Cash Clock Night Trader Microcurrency Trader Hyperdrive Portfolio Rocket Wealth Initiative Extreme Profit Hunters Profit Revolution Quantum Data Profits Live Trading Alliance Trade The Close Inside Money Trader Expiration Trader Flashpoint Trader Darknet Hyper Momentum Trader Alpha Accelerators Weekly Profit Cycles Brutus Alerts Resource Traders Alliance

© 2023 Money Morning All Rights Reserved. Protected by copyright of the United States and international treaties. Any reproduction, copying, or redistribution (electronic or otherwise, including the world wide web), of content from this webpage, in whole or in part, is strictly prohibited without the express written permission of Money Morning.

Address: 1125 N Charles St. | Baltimore, MD, 21201 | USA | Phone: 888.384.8339 | Disclaimer | Sitemap | Privacy Policy | Whitelist Us | Do Not Sell or Share My Personal Information

wpDiscuz