1. Oil talks: Oil ministers from OPEC and other major producers will meet in Vienna on Thursday to decide whether to extend production cuts. The coalition agreed to cut supply in November as part of an attempt to push prices higher.
Where U.S. stocks are heading
-0.46 / -0.90%
+4.00 / +0.32%
-0.02 / -0.83%
-0.00 / -0.00%
News: What you need to know about the markets
Oil powers meeting; Stocks winning streak; NATO summit
By Ivana Kottasová Thursday, May 25th, 4:57am
1. Oil talks: Oil ministers from OPEC and other major producers will meet in Vienna on Thursday to decide whether to extend production cuts.
The coalition agreed to cut supply in November as part of an attempt to push prices higher.
Analysts expect the deal will be extended. Russia and Saudi Arabia, two key players in the oil market, already agreed to extend the cuts last week.
U.S. crude futures have gained 26% since May 4 and were volatile on Thursday morning, trading around $51 per barrel.
Higher production in the U.S. means the agreement’s impact will be limited. U.S. producers are not part of the talks.
2. Markets winning streak:U.S. stock futures were higher early Thursday, pointing to a sixth consecutive day of gains on Wall Street.
Minutes from the U.S. Federal Reserve’s meeting in May, released Wednesday, indicated the central bank may raise rates again in June and start to wind down its stimulus program this year.
Thursday — Oil ministers from OPEC nations meet; Earnings from Abercrombie & Fitch, Best Buy and Costco; Facebook founder Mark Zuckerberg gives a commencement speech at Harvard Friday — Second estimate of first-quarter U.S. GDP
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