Here's Why an OPEC Cut Won't Mean Much for Oil Prices

Even if OPEC agrees to a production cut at next week's meeting, it won't be a seismic development for oil prices.
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Even if OPEC agrees to a production cut at next week's meeting, it won't be a seismic development for oil prices. "OPEC has been playing a big role in the price of oil over the last few months," says David Lebovitz, global markets strategist at JPMorgan Asset Management. "To us, it's much more about the supply and demand dynamics and unfortunately it still looks like we're in an environment of excess supply." He says it's likely a deal will be reached and prices may rise by a few dollars, but he expects oil to stay between $45 and $50 a barrel. TheStreet's Scott Gamm reports from Wall Street.