Is a massive hit for BB King and U2. Looks like Love has come to town for oil and gas penny stocks, led by Sumatec Resources.
The stock is up by more than 20 per cent to 8.5 sen,in 2 TRADING days while the baby is up 37 per cent today to 5.5 sen, as analyst expect that the OPEC, oil output reduction has an 80 per cent chance of success.
CNBC has the story. Read below :
The Organization of the Petroleum Exporting Countries (OPEC) will return to relevance after three challenging years of sustained oil price declines and spending cuts on new drilling and equipment, an oil analyst said Tuesday.
Late last year, OPEC and major non-OPEC countries announced join production cuts of around 1.8 million barrels a day starting this year, a move that many are upbeat about.
Energy Aspects' oil analyst Virendra Chauhan said he expects an 80 percent compliance rate on the agreement. Non-OPEC producer Russia would keep its promise as the country needs energy prices to rise, he added.
