"Crude-oil futures soared above $49 a barrel Thursday, propelled by sharp weakness in the dollar and expectations that the Organization of Petroleum Exporting Countries will deliver a significant production cut next week.
Crude for January delivery rose $4.46, or 10.2%, to end at $47.98 a barrel on the New York Mercantile Exchange.
Earlier, the contract hit an intraday high of $49.12 a barrel in electronic trading on Globex.
Other energy futures also rallied. January reformulated gasoline rose 11 cents, or 11%, to end at $1.08 a gallon and January heating oil gained 11 cents to finish at $1.51 a gallon." Marketwatch
Can OPEC decide on production cuts? Sure. Can the OPEC countries endure pain from loss of revenues brought on by demand destruction and lower prices? Probably not. Will the members cheat on their quotas trying to "make up" the lost revenue? Probably. Can OPEC discipline its members to ensure that they will not cheat on their production quotas? Certainly not.
Translation - Crude prices will appear to stabilize and then begin to fall again, pl