Speculation on OPEC Meeting

Investors are speculating in advance of this week’s December OPEC meeting and the price of oil goes up 1% on the New York stock exchange. While most traders do not expect OPEC to cut output, some speculators were making “bullish bets on the odd likelihood of a surprise outcome at this week's OPEC meeting.” OPEC will meet in Vienna starting on Friday, Dec 4th. Matt Smith, director of commodities research at Clipper Data, a New York-based consultancy called it “pre-OPEC meeting rhetoric” and “a bit of buying interest.”