Oil Prices Rise as Market Probes OPEC-Plus’ Strategy

WTI oil climbs 1.3% to $87.60 a barrel as investors try to figure out what sort of strategy the OPEC-plus group, which includes Russia, may be cooking up after it announced a 2-million-barrel-a-day production cut. Peter Cardillo at Spartan Capital says he thinks the cut was masterminded by the Russians to create a short-term victory for prices, but perhaps cause trouble down the line for the OPEC-plus group. “If we have a global recession demand is going to fall off a cliff,” Cardillo tells WSJ, adding such a scenario could lead to OPEC-plus members wanting to individually raise output to boost revenues, leading to OPEC-plus infighting and perhaps causing the six-year-old group to disband.