Oil Prices Cross $50 but Upcoming OPEC Meeting Will Bring Volatility

Don't get too excited over oil's $50 milestone on Thursday.
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Don't get too excited over oil's $50 milestone on Thursday. While both Brent and West Texas Intermediate crossed $50 a barrel, next week's OPEC meeting could break the rally. 'Iran is determined to ramp up productions to its pre-sanction levels,' said Jasper Lawler, a markets strategist with CMC Markets, adding that Saudi Arabia won't agree to a production freeze unless Iran participates. 'I think we can expect [no production freeze] from this meeting and the result from the past three meetings has been a big dive in oil prices.'TheStreet's Scott Gamm reports from Wall Street.