>> There is nothing short of a new year celebration happening in the oil markets. Global oil prices jumped once again Tuesday with US crude hitting levels not seen in three years. The rally has picked up steam on signs, oil producers will continue to cut back on global supplies.
And those reductions are happening even faster than expected. It's simple supply and demand. The less of a product there is, the higher the price. But there are signs things could turn around. While oil producing nations in OPEC and partners like Russia are raking in the dough from a 50% rebound since June, US shale producers may want to get in on the action and start flooding the market once again.
And if that happens, that could send prices tumbling just at a time when OPEC is ready to take recent gains to the bank.