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What the Algiers Deal Means for Crude Oil Prices

Monday, October 3, 2016 2:33
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(Before It's News)

What a difference a few days can make for oil.

Earlier last week, oil was drifting down under the weight of doubts about the rumored OPEC oil deal. Then, on Wednesday, several OPEC oil ministers announced that they’d agreed to cap production.

Almost instantly, U.S. oil prices shot up 6%. But come Thursday, the enthusiasm had waned, as traders actually looked into OPEC’s oil deal… and didn’t like what they saw.

Now, as with any supposed deal between countries that are at each other’s throats, the devil will be in the details. That’s certainly the case here.

But analysts’ reports calling OPEC’s announcement a complete failure are wide off the mark.

So today, I’m going to walk you through the details of this plan…

And show you exactly why this deal will be a game-changer for oil…

Tags: Oil

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The post What the Algiers Deal Means for Crude Oil Prices appeared first on Money Morning – We Make Investing Profitable.

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