THANKS, FRACKERS! OPEC’s Prospective Deal May Not Create a Lasting Oil Rally.

Oil prices surged after the Organization of the Petroleum Exporting Countries said late Wednesday that its members proposed to curb output, the first major agreement since the oil bear market began in 2014. But despite the surprise outcome, the price of crude was slightly lower on Thursday and many banks, including Goldman Sachs, Société Générale, Jefferies and UBS, are standing pat on their oil-price forecasts for the coming months.

Every time OPEC stops a pump, another one starts in North Dakota.