Oil ETFs are on the rise after news that OPEC reached
an agreement to freeze production starting in November. The Oil Exporting Cartel is expected to cut production by 200-700,000
barrels per day, its first cut in eight years.
Oil prices jumped as much as 6 percent after the news. OPEC has agreed to limit production to 32.5 million barrels per day.
After that target is reached, the cartel is expected to reach out to non-member oil producing countries for support to further ease
‘global glut' sources said.
Related Link: The
Difference Between Brent Crude And West Texas Intermediate Oil, And How They Trade
Big stock movers after the announcement was made:
-
Exxon Mobil Corporation (NYSE: XOM) - Up 4
percent to $86.54
-
Chevron Corporation (NYSE: CVX) - Up 3
percent to $101.85
-
Petroleo Brasileiro SA Petrobras (ADR) (NYSE: PBR) - Up 4.4 percent to $9.46
-
BP plc (ADR) (NYSE: BP) - Up 3.4 percent to
$34.76 - +3.69%
-
ConocoPhillips (NYSE: COP) - Up 6 percent
to $41.80
Several oil ETFs were also moving:
-
VelocityShares 3X Long Crude ETN linked to the S&P GSCI Crude Oil Index Excess Return (NYSE: UWTI) - Up 15 percent to $22.43
-
United States Brent Oil Fund LP (ETF) (NYSE: USO) - Up 5.2 percent to $10.68
-
iPath S&P GSCI Crude Oil Total Return (NYSE: OIL) - Up 5.6 percent to $5.70
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