Once OPEC starts the process, Currie said he believes the group will have to "take it to conclusion."
The Futures Now team discusses the fall in gasoline prices, and where they see prices heading from here.
The energy sector powers the S&P 500 to a new intraday high, led by Chesapeake Energy and Marathon Petroleum.
Jeff Currie, Goldman Sachs Head of Commodities Research, shares his outlook on oil.
CNBC's Jackie DeAngelis reports the latest on the dollar impacting commodities, crude oil and the headline everyone is talking about.
LONDON, Nov 21- Hedge funds have taken a more cautious stance on oil prices amid a flurry of diplomatic activity aimed at securing a production-limiting deal among OPEC members by the end of the month. The funds cut their combined net long position in the three major Brent and West Texas Intermediate futures and options contracts by just 3 million barrels to 422...
Nov 21- Wall Street rose on Monday morning, with the Nasdaq hitting a record intraday high, helped by a jump in technology shares and as higher oil prices boosted energy stocks. The three indexes have rallied since the U.S. election as investors bet Donald Trump's policies would be market friendly. Oil prices jumped 3.2 percent to a near three-week high of $48.30...
CNBC's Dominic Chu looks ahead at the day's market action.
The type of oil and natural gas production Donald Trump wants to unleash on federal lands would take many years to bring online.
CNBC's David Faber has the latest on Sunoco Logistics buying Energy Transfer Partners, owner of the Dakota pipeline.
Nov 21- Wall Street looked set to open higher on Monday, with the three major indexes hovering near record levels, supported by higher oil prices and the lingering effects of the post-election rally. Oil prices rose about 2.8 percent to a near three-week high of $47.87 per barrel amid hopes of the OPEC reaching an agreement to cut output. The three major U.S. indexes...
*Oil hits three-week high on OPEC prospects, weaker dollar. Brent crude oil, the international benchmark, rose as high as $47.94 a barrel, its highest since Nov. 1 and up some 2 percent on the day, on signs that OPEC was moving closer to a deal to cut output when it meets next week. "While loose terms may be agreed, I remain sceptical that a full detailed agreement can be both...
OPEC member countries are coming around to the idea of a November agreement, RBC strategist Helima Croft says.
Nov 21- U.S. stock index futures inched up on Monday, supported by higher oil prices and the lingering effects of a rally sparked by Donald Trump's surprise victory in the U.S. election. *Oil prices touched a near three-week high of $47.75 per barrel as the dollar fell for the first time in ten days, and amid hopes of OPEC reaching an agreement to cut output.
Lundberg predicted prices would continue inching down unless an OPEC meeting culminates in "a credible agreement to freeze or reduce" production.
LAGOS, Nov 21- Nigeria's recession deepened in the third quarter and oil production fell, the National Bureau of Statistics said on Monday, as a dollar shortage kept Africa's biggest economy in a stranglehold. A slump in crude prices led Nigeria's economy to shrink by 2.06 percent in the second quarter, tipping it into recession for the first time in 25 years.
Gareth Lewis-Davies, senior oil strategist at BNP Paribas, discusses OPEC's upcoming meeting.
Helima Croft, RBC Capital Markets global head of commodity strategy, discusses the oil market ahead of the OPEC meeting at the end of the month as well as the environment for other commodities like copper.
*Output deal seen likely after Iran possibly offered compromise. *Iran may only freeze production rather than cut output. SINGAPORE, Nov 21- Oil prices rose around 1 percent on Monday as OPEC moved closer to an output cut to rein in oversupply that has pressured prices for over two years.
*Output deal seen likely after Iran is offered a compromise. SINGAPORE, Nov 21- Oil prices rose by more than 1 percent on Monday as producer cartel OPEC moved closer to an output cut to rein in oversupply that has put pressure on prices for over two years. This would leave the onus of an outright reduction on other OPEC- members, including its political rival and...