OPEC Fights Back—and This Time, It’s Driving Oil Prices Up
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OPEC’s finally getting some credibility back behind its swagger, ahead of the oil group’s meeting later this month in Vienna.
The cartel’s members complied to the tune of 104 percent in October on orders to pull back 1.2 million barrels a day, according to Bloomberg data. Stockpiles are drawing and Brent closed at at two-year high of $64.27/b on Monday.