Similar Stories to Futures File: Oil, Natural Gas Soar While Wheat Prices Wither on Bing News

NewsOK.com RSS - business, Daily Oklahoman: Business
Fri, 12/02/2016 - 12:04pm

Oklahoma's most important commodities — oil, natural gas and wheat — drive this edition of Futures File, our weekly commodities wrap-up. Oil booms on OPEC cuts After months of wrangling, the Organization of the Petroleum Exporting Countries (OPEC) announced that its members had agreed to collectively reduce oil output by 1.2 million barrels per day (-3.6 percent). This announcement, made early Wednesday morning, started the biggest one-day rally in nearly a year and rocketed prices back over $51 per barrel. Despite the market's initial reaction, some are skeptical that the individual countries will each follow through with their promise to cut; the incentive to “cheat” and produce at higher levels has frequently led to overproduction in the past.Read more on NewsOK.com

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