Oil Prices Keep Rising on OPEC Deal; Bluebird, Celgene T-Cell Therapy Sees Success
Oil prices continued their upward climb Thursday, buoyed by Wednesday's landmark OPEC agreement. OPEC will reduce oil production by 1.2 million barrels a day starting in January - it's first production cut since 2008. The news sent Brent and West Texas Intermediate higher by roughly 9%. Saudi Arabia bearing the biggest brunt of the cuts to the tune of 486,000 barrels a day. Russia, a non-OPEC member, agreed to cut production by 300,000 barrels a day. Nigeria and Libya are not part of the agreement. In biotech news, a Bluebird Bio (BLUE) - Get Report T cell therapy has put two patients with advanced multiple myeloma into complete remission for four to six months, according to a report by TheStreet's Adam Feuerstein. Bluebird is partnering with Celgene (CELG) - Get Report in developing the therapy. And December 1 is World AIDS Day. Apple (AAPL) - Get Report has teamed up with (RED), an organization that helps fight HIV/AIDS started by U2 star Bono and will display red signage at some 400 locations to help spread awareness. Apple is also selling (RED) branded merchandise. Finally, Goldman Sachs (GS) - Get Report chief operating officer Gary Cohn was spotted in Trump Tower and has reportedly met with President-elect Donald Trump. Cohn is said to be willing to leave his position at the bank if offered a government job by Trump, according to the New York Times. TheStreet's Scott Gamm reports from Wall Street.
