Oil jumped by more than 4 percent on Monday, with WTI moving up to $53 per barrel and Brent topping $56 per barrel. It is very possible that we could see oil prices break the $60-per-barrel threshold in short order, and some people are even wondering if $70 oil is not too far off. The oil market received its second jolt from OPEC discussions in as many weeks, with non-OPEC producers agreeing over the weekend to cut 558,000 barrels per day beginning in January, a bit shy of the original proposal, but an agreement that is nonetheless bullish for the market. It was the first major OPEC/non-OPEC coordination in a decade and a half, and the additional cuts from non-OPEC will come on top of the 1.2 million-barrel-per-day (mb/d) reduction promised in Vienna on November 30. Together, the pledges will go a long way to rapidly tightening the oil […]