As the global economy is buffeted by U.S. President Donald Trump's trade dispute with China and a government shutdown in Washington that has stretched into the new year, equities and commodities markets around the world are edgy.
"People see a price range between $60 to $80 per barrel" for Brent crude, IHS Markit vice chairman Daniel Yergin said in a recent interview. On Dec. 6, OPEC decided to cut its combined output by 1.2 million barrels a day. Yergin said the previous meeting made it clear that the oil cartel is becoming a "Vienna alliance" that includes Russia and other non-OPEC producers. He believes concerted action by Saudi Arabia and Russia to reduce output will help stabilize the market.
