US oil prices hit $60 a barrel for the first time since November
US oil prices have spiked 40% since Christmas Eve thanks to OPEC's aggressive production cuts.
Crude's recovery from last year's bear market hit another milestone on Wednesday. Oil topped $60 a barrel for the first time since November 9.
The dramatic rebound mostly reflects the effectiveness of the strategy implemented by Saudi Arabia-led OPEC. The oil cartel and its allies, including Russia, agreed last year to sharp production cuts in response to a supply glut formed in part by surging US output.
"The positive sentiment from OPEC's cuts is outweighing the bearish impact of the US shale boom," said Matt Smith, director of commodity research at ClipperData. "They are working."
https://www.msn.com/en-us/money/markets/us-oil-prices-hit-dollar60-a-barrel-for-the-first-time-since-november/ar-BBV1Df7
Just in time for that summer road trip.