Oil Caps Biggest Three-Day Gain Since 1990 as OPEC Ready to Talk
- OPEC see "no quick fix" to crude oil market instability
- EIA cuts U.S. crude production estimates based on new survey
Dirt Cheap Oil Longs for $90 as Supply Continues to Build
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Oil capped the biggest three-day gain in 25 years after OPEC said it’s ready to talk to other global producers to achieve ‘fair prices’ and the U.S. government reduced its crude output estimates.
Crude traded in New York surged 27 percent in three days, the most since August 1990 when Iraq invaded Kuwait. Both West Texas Intermediate and Brent benchmarks have climbed more than 20 percent from their closing low on Aug. 24, meeting the common definition of a bull market. The Organization of Petroleum Exporting Countries, responsible for about 40 percent of the world’s supply, said in a monthly publication it’s willing to talk, “but this has to be on a level playing field.”