Oil prices rose as much as 6 percent on Wednesday on a report OPEC members have reached a deal to limit crude supply. » Read More
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Kicking a production freeze deal down the road was probably the best oil bulls could hope, strategists told CNBC.
The Futures Now team discusses their expectations out of the OPEC meeting in Algiers, as well as oil's rally today.
CNBC's Jackie DeAngelis reports on the close of the oil markets following OPEC news out of Algeria.
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RBC Capital Markets says oil prices may slip to $40 or lower if OPEC members leave Algeria without any promise of a deal.
Longstanding tensions between Saudi Arabia and Iran will hold OPEC back from an oil production freeze in the near term, analysts said.
OPEC does not want to give the markets any negative signals but Saudi Arabia-Iran consensus remain a key issue, says Energy Aspects' Virendra Chauhan.
The commodity's prices could quickly dive to $40 or lower if OPEC members leave Algeria on Wednesday without any promise of a deal.
CNBC's Hadley Gamble discusses the latest lines to come out of this week's oil producer meeting in Algiers.
Many doubt that such an oil output deal – even if reached at the 11th hour – could hold anyway.
Saudi Arabia is actually well-positioned to reduce overproduction as it is near maximum output, says Argus Media's Alejandro Barbajosa.
OPEC members have disparate agendas and will unlikely reach an agreement on anything, says Martin Place Securities' Barry Dawes.
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