Well it looks like OPEC has finally agreed to try and limit production. It may be that the pain is getting to be to much even for the wealthy kingdom of Saudi Arabia. As a result of the potential agreement oil prices have shot up taking the stock prices of many oil companies with them. As of Sunday evening oil looks to be hovering right around $48 a barrel. While this is nothing to the good old days of $100 per barrel oil, it is definitely moving in the right direction. For the many oil exploration and production companies just barely hanging on, every dollar that the price of oil goes up helps them breath just a little bit easier. Some analyst are even starting to talk about oil breaking through the $50 per barrel level and eventually heading up towards $60 and even higher. While I do not know how high the price of oil is going to go, anything that causes traders to start covering their short positions could push the price higher in a short period of time.
OPEC Agrees To Limit Production
