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LocalsTrump’s Gilded Design Style May Be Gaudy. But Don’t Call it ‘Rococo.’Massachusetts to Follow NYC in Making Landlords Pay Broker FeesNYC Commutes Resume After Midtown Bus Terminal Crash ChaosWhat Gothenburg Got Out of Congestion PricingOPEC and its allies have reason to believe the surge will find buyers, at least in the short-term, and price hikes by group leader Saudi Arabia following the decision symbolize that confidence. But even before Saturday’s surprise move — taken after just 10 minutes on a video conference call — global oil markets already seemed to be on borrowed time before the arrival of a winter glut.“For now, the oil market remains tight, suggesting it can absorb additional barrels,” said Giovanni Staunovo, an analyst at UBS AG in Zurich. “But there are rising risks like ongoing trade tensions, implying that the market could look less tight over the coming 6-12 months, which would pose downside risks to prices.”On Saturday, the Organization of the Petroleum Exporting Countries and its partners blindsided energy traders by announcing that they would further speed up a revival in collective oil production next month. The move offers cheer for consumers and a win for Trump, who campaigned on a pledge to cut fuel costs. It also threatens pain for producers, from America’s shale heartlands to OPEC’s own members.Still, Riyadh seems undaunted. On Sunday, state-run Saudi Aramco hiked the premiums it charges for its flagship crude to customers in its key Asian market by more than traders had anticipated. Those don’t look like the actions of a producer that’s anxious about demand.OPEC+ officials said that summer demand was one reason for their optimism. US crude inventories are sliding in the key storage hub of Cushing, oil-pricing spreads don’t suggest a surplus now, and America’s stockpile of diesel has collapsed.Fuel demand also peaks in the northern hemisphere summer, giving the group a window to speed up its broader strategy of reclaiming the market share relinquished in recent years to rivals like US shale drillers.Saturday’s decision nevertheless shifts the trajectory of global supply. While OPEC projects the extra barrels are needed to meet demand even through December, other forecasters are skeptical. Even before the additions were announced, the International Energy Agency, a Paris-based adviser to major economies, was predicting a surplus equal to about 1.5% of global consumption in the fourth quarter.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P 5006,279.35 +51.93 (+0.83%)Dow 3044,828.53 +344.13 (+0.77%)Nasdaq20,601.10 +208.00 (+1.02%)Russell 20002,249.04 +22.66 (+1.02%)VIX17.48 +1.10 (+6.72%)Gold3,346.50 +3.60 (+0.11%)PortfolioSign in to access your portfolioSign inTop gainersBMNR Bitmine Immersion Technologies, Inc. 135.00 +76.50 (+130.77%)RUN Sunrun Inc. 10.50 +1.51 (+16.80%)TRIP Tripadvisor, Inc. 17.50 +2.51 (+16.74%)DDOG Datadog, Inc. 155.15 +20.14 (+14.92%)SYM Symbotic Inc. 47.91 +5.71 (+13.53%)Top losersLEN Lennar Corporation 110.12 -4.69 (-4.09%)LEN-B Lennar Corporation 105.62 -4.37 (-3.97%)ESGRP Enstar Group Limited 19.45 -0.79 (-3.91%)HOOD Robinhood Markets, Inc. 94.40 -3.58 (-3.65%)BG Bunge Global SA 78.44 -2.95 (-3.62%)Most activeLCID Lucid Group, Inc. 2.1600 +0.1100 (+5.37%)NVDA NVIDIA Corporation 159.34 +2.09 (+1.33%)INTC Intel Corporation 22.49 +0.61 (+2.79%)F Ford Motor Company 11.81 +0.04 (+0.34%)TSLA Tesla, Inc. 315.35 -0.30 (-0.10%)Earnings eventsTrending tickersBTC-USD Bitcoin USD 108,566.07 +395.05 (+0.37%)CYBR CyberArk Software Ltd. 398.76 +10.84 (+2.79%)TSLA Tesla, Inc. 315.35 -0.30 (-0.10%)DAL Delta Air Lines, Inc. 50.86 +0.73 (+1.46%)BONK-USD Bonk USD 0.00 +0.00 (+21.84%)Top economic events