Crude Oil, Energy Stocks Rise on OPEC Inaction
OPEC members, who account for 40% of world oil production, were unable to reach an agreement on increasing production quotas. Many had hoped they would significantly boost output, cooling energy prices. No such luck.
Oil spiked back above $100/barrel, up by 2.5% at 1:00pm eastern. Exxon Mobil (XOM) shares traded up 1.4%, Chevron (CVX) 1%, Conoco Phillips (COP) 1.24%.
In the clip below, Fadal Gheit, an energy analyst at Oppenheimer, breaks down the impact of the OPEC news, and the outlook for oil.
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