OPEC's unexpected agreement to trim production shows the cartel still has the resolve -- and even desperation -- to try to guide oil prices higher. But don't expect triple-digit crude anytime soon.
OPEC nations have agreed in theory that they need to reduce their production to help boost global oil prices during a meeting in Algiers, but a major disagreement between regional rivals Saudi Arabia and Iran still may derail any cut. What happened to oil prices and why can't OPEC agree to anything more binding?
European and Asian stock markets slumped Friday as Deutsche Bank shares plunged on widening concerns over its financial strength, causing ripples of fear across the global financial sector.
Federal Reserve Chair Janet Yellen said Wednesday that the central bank has no "fixed timetable" for raising interest rates but she believes the economy is ready for a rate hike by the end of the year.
Asian and European stock markets rallied Thursday and energy-linked currencies advanced after OPEC's shock deal to trim oil output.
Shares in Taiwan closed higher Thursday to push the weighted index past the 9,200-point mark as investors here were encouraged by a rally on Wall Street overnight to play catch-up on the local equity market, dealers said.
An oil price rally fueled by OPEC's deal to cut crude output fizzled out Thursday with analysts doubting the cartel's ability to seriously tackle a supply glut.
Energy-linked currencies led a rally in high-yielding units Thursday after OPEC's surprise deal to cut oil output sent crude prices soaring.
OPEC countries neared agreement on a preliminary accord Wednesday to limit oil production and support oil prices, despite lingering disagreements between regional rivals Saudi Arabia and Iran.
Tokyo stocks led a broad retreat in Asian markets Wednesday as the yen recovered, while regional energy firms struggled with crude prices on concern about the chances of success at an upcoming producers' meeting.