Geopolitics Supersede OPEC as the Biggest Driver of Oil Prices
Ed Morse Says There Is a 'Little Bit of Froth' in Oil Prices
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Since Saudi Arabia and Russia forged their historic agreement in 2016, OPEC’s production cuts have been the key driving force of the oil market. Not any more.
U.S. benchmark West Texas Intermediate crude has jumped 5.9 percent since markets opened on Tuesday. That’s the biggest two-day gain since Dec. 1, 2016, the day after the Organization of Petroleum Exporting Countries agreed its output cuts.