“The market did not widely expect the Saudi decision to cut production by 1 million barrels per day unilaterally,” president of Rapidan Energy Bob McNally told CNBC in an e-mail following the decision.
“It once again demonstrated that Saudi Arabia is willing to act unilaterally to stabilize oil prices,” McNally said.
—Lee Ying Shan
CNBC Pro: Goldman and others say copper prices are set to soar. Here are some stocks analysts love
Wall Street analysts have recently been bullish on the metal, with Citi and Goldman predicting that prices are set to soar.
For those looking to buy into the sector, CNBC Pro screened for stocks in the Global X Copper Miners ETF, and the resulting stocks include one with nearly 100% upside.
The U.K.’s FTSE index will open 11 points higher to 7,622, according to IG data, while Italy’s MIB will be up 61 points to 27,109. Both France and Germany’s major indexes look set to open lower, with the DAX dropping 15 points to 16,048 and the CAC shedding 4 points.