by Bill McBride on 12/11/2016 07:58:00 PM
Sunday, December 11, 2016
From Bloomberg: Oil Surges as Saudis Eye Deeper Cuts While Non-OPEC Joins Deal
Oil jumped to the highest since July 2015 after Saudi Arabia signaled it’s ready to cut output more than earlier agreed while non-OPEC countries including Russia pledged to pump less next year, strengthening the coordinated commitment by the world’s largest producers to tighten supply.Weekend:
Futures rose as much as 5.8 percent in New York and 6.6 percent in London.
• Schedule for Week of Dec 11, 2016
• No economic releases scheduled.
From CNBC: Pre-Market Data and Bloomberg futures: S&P futures are up 6, and DOW futures are up 75 (fair value).
Oil prices were up over the last week with WTI futures at $53.73 per barrel and Brent at $56.59 per barrel. A year ago, WTI was at $36, and Brent was at $37 - so oil prices are up about 50% year-over-year!
Here is a graph from Gasbuddy.com for nationwide gasoline prices. Nationally prices are at $2.21 per gallon - a year ago prices were at $2.01 per gallon - so gasoline prices are up about 20 cents per gallon year-over-year.
Posted by Bill McBride on 12/11/2016 07:58:00 PM