FIRST AIRED: November 3, 2017

Nice work! Enjoy the show!

×

You’re busy. We get it.

Stay on top of the news with our Editor’s Picks newsletter.

US Edition
Intl. Edition
Unsubscribe at any time. One click, it’s gone.

Thanks for signing up!

×

Transcript

00:00:02
>> You may not have noticed, but oil prices are up, way up. Crude oil prices jumping Friday to their highest in more than two years, a signal markets are feeling the squeeze of a Saudi-led pact to keep a lid on supplies. A barrel of US crude trading at about $55, marking a startling 31% rebound from the 2017 low set back in June.
00:00:25
Europeans seeing prices soar even higher. Brent crude rising almost 40% since the June low. Data out earlier this week shows OPEC's production cut is having the desired effect here in the US. Stockpiles of crude, gasoline and home heating oil all dropped more than expected last week. While the US continues to pump out oil at breakneck speed, that extra supply is being met by growing demand in China.
00:00:51
Beijing is the world's largest energy importer. OPEC meets at the end of the month to review whether another production cut can help them push prices up even more.