Daily Market Update
with JJ Kinahan

5 min read

Waiting on OPEC: Crude Decision In Focus as DJIA Down Eight-Straight Days

(Friday Market Open) After eight-straight losing sessions, the Dow Jones Industrial Average ($DJI) might draw support Friday from stronger overseas markets overnight. Without much data or earnings news on the calendar, the focus sits squarely on OPEC amid talk that a crude oil production increase might be in the cards.

The timing of OPEC’s oil output decision isn’t clear. There’s a lot of talk on the Street about chances for output to rise, and Oilprice.com reports that OPEC (Organization of the Petroleum Exporting Countries) jacked up production even before today’s meeting of OPEC members.

Could More Crude Be Coming?

What’s unclear is exactly how much production might climb, assuming OPEC can agree on a plan. Estimates from various analysts quoted in the media range from 500,000 barrels per day to 1.5 million on top of the roughly 32 million barrels a day OPEC reportedly pumps now. Russia (not an OPEC member) and Saudi Arabia are among the countries pressing for an increase, ac

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