Here's Why This Week's OPEC Agreement Sets a Floor for Oil Prices

This week's landmark agreement by OPEC to cut oil production likely sets a floor for oil prices, which have remained volatile this year, according to one analyst.
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This week's landmark agreement by OPEC to cut oil production likely sets a floor for oil prices, which have remained volatile this year, according to one analyst. David Lebovitz, global market strategist at JPMorgan Asset Management, based in New York, sees a floor of $40 for oil prices. He thinks the agreement will bring stability to the oil market, but remains cautious about the agreement as officials haven't revealed specifics, which won't be announced until November. TheStreet's Scott Gamm reports from Wall Street.