OPEC Resolve on Supply Promises No Calm for Oil Markets: Energy
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Oil’s biggest price swings in three years are poised to continue as OPEC cedes no ground to competing suppliers.
Oil traders’ expectations for future swings, known as implied volatility, surged since Saudi Arabia and fellow members of the Organization of Petroleum Exporting Countries decided on Nov. 27 to keep pumping crude despite a supply glut. That will mean prices fluctuating in the next several years by even more than the $59-a-barrel move in 2014, Bank of America Corp. says.