Here Is Why the OPEC Agreement Won't Do Much for Prices - TheStreet

Here Is Why the OPEC Agreement Won't Do Much for Oil Prices

OPEC's agreement to cut production isn't likely to move prices in the coming months, according to one analyst.
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OPEC's agreement to cut production isn't likely to move prices in the coming months, according to one analyst. Spencer Welch, an oil analyst with IHS, based in London, still expects oil price to remain between $45 and $50 a barrel for the rest of 2016. Plus, details about the agreement, such as which oil producing nations will bear the brunt of the cuts, won't be announced until OPEC's official meeting in November. Welch expects the deal to remain intact until then. TheStreet's Scott Gamm reports from Wall Street.