It's a half day in the markets today and all eyes are on oil. Yesterday, while everyone in the US was gaining weight, members of OPEC met in Vienna and decided they would maintain current oil production targets.
Many have been calling for OPEC to cut current output levels in an attempt to constrain supply and thereby stem some of the downward pressure on oil, which has plummeted in recent months.
While OPEC did not reduce the production target, they committed to do a better job complying with it. The cartel currently exceeds production on a regular basis, though not by a great extent. Many remain skeptical that production will change at all since there isn't a great deal of accountability.
The market is reacting to the continued oversupply with sharply lower oil prices. As I write, light crude is currently trading down over 7% to under $68 per barrel.
Here is a look at the recent slide in oil. ... Log in or subscribe to continue reading.