Summary: November delivery crude oil futures are up about 1.2% to $60.50 in response to the decision of OPEC members to cut output approximately 3.4% overall. OPEC, responsible for about 40% of world oil production, now has six member nations (Saudi Arabia, Libya, Algeria, Kuwait, Venezuela and Nigeria) committed to the cut. Coming amidst the N. Korean nuclear test, many analysts believe the production cut will establish a $60 floor for crude oil prices in the near future.
Related links: Full article • Phil Davis: Crude Reality: Supply > Demand , Inflated Oil Prices: Your Tax Dollars at Work • Barry Ritholtz: Discussions on Oil • Debunking the Bear Case for Energy
Potentially impacted stocks and ETFs: Oil Service HOLDRs ETF (OIH), United States Oil Fund ETF (USO), Exxon Mobil (XOM), Chevron (CVX), ConocoPhillips (COP) Royal Dutch Shell (RDS.A),
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