Wall Street Breakfast: Propping Up Prices – Seeking Alpha

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WTI crude prices (CL1:COM) rocketed 4.7% to over $83.20 a barrel early Monday as OPEC+ considers cutting production by 1M bbl/day or more at the group’s meeting this week. The move would help prop up declining oil prices, which have been on a steady descent since hitting more than $120/bbl in late June. It would also mark the cartel’s second consecutive monthly cut – after it reduced production by 100K bbl/day in September – and the biggest since the early days of the pandemic.

Bigger picture: As gasoline prices in the U.S. soared to over $5 a gallon this summer, the Biden administration asked the Saudis and OPEC+ to pump more to bring down prices. The president also unleashed a record number of barrels from the Strategic Petroleum Reserve to help put a lid on energy costs, and those efforts bore some fruit, especially when compounded with a…

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