Production Freeze Or Not, Oil Isn't Likely to Top $50
Amid conflicting reports Monday of a production freeze among the world's top oil producers, one analyst said oil isn't likely to top $50, even if a deal is reached.
Amid conflicting reports Monday of a production freeze among the world's top oil producers, one analyst said oil isn't likely to breakout of its current levels, even if a deal is reached. That's the assessment from Josh Mahony, a market analyst with IG Markets, based in London, who thinks oil isn't set for a move beyond $50. West Texas Intermediate trades at $43.57 a barrel. Venezuela's president said a production deal was on the way, while OPEC's Secretary General said next week's OPEC meeting was an informal one and not meant for making decisions. TheStreet's Scott Gamm reports from Wall Street.
