OPEC ministers will consider the need for an emergency meeting in response to the recent drop in oil prices, a report said Thursday.
I Don’t Know, But I Know People Who Do: How does the breaking news desk know which news merits special coverage and which does not? A) I’m a genius. B) I rely on many very smart co-workers. The answer is: not A). All of which leads me to pay tribute to the many specialty producers who work here at CNBC.
Oil is up about a dollar today to $62.38. The increase comes on the heels of today’s announcement from OPEC that it will cut production by 500,000 barrels a day starting Feb. 1. The cartel has yet to fully implement the 1.2 million barrel cut it made back in October. Mark Gilman of the Benchmark Co. says that Saudi Arabia is dead set on a $60 floor for a barrel of crude. But the question remains as to whether the market will allow it or not.
OPEC confirmed it will leave oil production unchanged for now, but set the stage for a cut of 500,000 barrels a day, or 2%, in February.
U.S. stocks are heading lower this morning as oil prices climb on OPEC developments. Today's headlines from OPEC, brokerage profits, and takeover activity will all get attention but stocks are looking for direction as a year of strong gains begins to wind down. Asian stocks closed higher, with Japan at a seven month high on the weakening yen. European stocks are higher.
Our quote of the day comes from the late stage and film actress Tallulah Bankhead: "If I had my life to live again, I'd make the same mistakes, only sooner." There's no mistaking OPEC's latest move--as the oil organization seems to have agreed to cut production by some 500,000 barrels a day in February.
It's all OPEC for the next 24 hours. But today on the floor of the New York Mercantile Exchange it was all about inventories. Crude prices rallied after a bullish inventory report from the U.S. Energy Department showed U.S. oil inventories slid by 4.3 million barrels, due to a large drop in crude imports.
Oil prices jumped on news that U.S. crude inventory fell a surprising 4.3 million barrels last week when analysts were only looking for a 600,000 barrel decline. OPEC appears willing to pull back from more oil output cuts.
The Organization of Petroleum Exporting Countries (OPEC) meets tomorrow in Abuja, Nigeria. The cartel is sending mixed signals about its next move. Some ministers are pushing for an additional cut on top of the 1.2 million-barrel reduction made back in October. But still other ministers are urging moderation. Mark Haines had two energy analysts on “Squawk on the Street” this morning.....
U.S. stocks are taxiing towards a slightly higher opening today as airline takeover activity is set to give the transports a lift. Retail sales data for November could also give the market some direction and provide further clues to the consumer this holiday season. MERGERS AT THE GATE: Our Phil Lebeau is reporting on takeover talks...
Energy. Media. International Investing. Look for interviews on those subjects in our look at the year ahead. Our guests today are Tom Petrie, Vice Chairman of Merrill Lynch, Audrey Kaplan of Rochdale Investment International and Brian Stelter of TVnewser. We’ll also continue our “7 For ‘07” series of reports on important sectors of the economy, featuring Bob Pisani on stocks and Julia Boorstin on media and entertainment
It's all about the jobs report today. World stock markets trend flat to lower ahead of the report and U.S. stocks are mixed ahead of the opening. The dollar remains in a tight range and oil traded higher over night on expectations OPEC may limit production again when it meets next week.
Hugo Chavez easily won re-election as president of Venezuela on Sunday. Chavez called his re-election--a defeat for U.S. President George Bush. Chavez said he will continue to use Venezuela's oil to expand social welfare programs--and continue to challenge the U.S. in Latin America. It's no secret the two men don't like each other.
OPEC ministers sent conflicting signals on whether the group needed to reduce oil production further to bring markets back into equilibrium.
OPEC is likely to trim production again, the president of the oil cartel said this morning, adding that he expects a cut of at least 500,000 barrels a day.
Angola, sub-Saharan Africa's second biggest oil producer, said it will apply to join OPEC, a move that should add more clout to the global producer group and the southern African nation.
OPEC could make oil production cuts for the second time this year--so says the Saudi Oil Minister Ali Naimi. He says supply continues to outweigh demand. But it's not a done deal. The oil organization could wait until their December meeting in Nigeria-- to assess the impact of the October cuts--before cutting even more production
CNBC's Jackie DeAngelis discusses the day's activity in the commodities markets. Nat gas was down on the day, but remained above $5. Oil was up slightly on the day. And gold was up, as well.