Between oil cheats and US shale, that OPEC agreement is looking toothless: NYSE trader
Jonathan Corpina of Meridian Equity Partners discusses oil's 15% rally to just over $52 on news last week that OPEC had reached a production cut deal. But this Saturday, OPEC will be meeting with non-OPEC oil producers, such as Russia, trying to bring them into the fold. This morning, oil was down over 2% to just over $50 a barrel.