JPMorgan: As Market Yawns At OPEC Production Cuts, Watch Price of Oil Drop FurtherMark Melin
As the price of oil dropped significantly Thursday, moving from a high near $52 into the $48 region, JPMorgan says the downdraft is likely to be reflective of OPEC production cuts priced into the market. While WTI is higher in mid-afternoon trading, the price might ultimately find a gravitational pull lower, the report noted.
How much impact do OPEC production cuts actually have on the price of oil?
When OPEC production cuts were announced, extending the agreement to . . .
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