Oil Producers Are Meeting in Algeria; Here's Why We Can't Take it Seriously

The world's largest oil producers are gathering in Algeria, but investors shouldn't expect a production freeze, at least not right now.
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The world's largest oil producers are gathering in Algeria, but investors shouldn't expect a production freeze, at least not right now. "Comments from the Iranian oil minister [on Tuesday] calling this just a consultation meeting and that any decisions should be made at an official OPEC meeting says it all; that's game over in terms of any decision being made," said Jasper Lawler, a market analyst with CMC Markets, based in London. Lawler attributed Wednesday's 1% rise in oil prices to expectations that Saudi Arabia may eventually agree to a freeze deal. TheStreet's Scott Gamm reports from Wall Street.

As for the energy market's technical picture, Bob Byrne of Real Money(TheStreet's premium site for active traders) checks out the latest charts for oil and natural gas here.