The oil market has been on a tear for the past week.

The WTI price, a benchmark for oil, is back above $33 a barrel after touching lows below $28.

The market is speculating over whether the OPEC nations, which control most of the world’s oil, are planning on an output cut.

It was enough for Russia’s biggest oil producer to call the huge rally in oil “idiotic” on Jan. 29.

Speaking to the Financial Times, Mikhail Leontyev, a spokesman for the state-owned Rosneft said (emphasis ours):

“Everything is possible in theory. It was possible a year ago, a month ago. Nothing new has read more >>>

Source : BusinessInsider.Com