Saudi Oil Minister Khalid al-Falih walks alongside his Russian counterpart Alexander Novak during their meeting in Riyadh on October 23, 2016. 
Saudi Oil Minister Khalid al-Falih walks alongside his Russian counterpart Alexander Novak during their meeting in Riyadh on October 23, 2016.  - 
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Oil prices have jumped as a result of deals in recent weeks between OPEC and non-OPEC members to cut production. Those boosts are a little speculative. After all, the limits don't take effect for another few weeks. Still, there appears to be some optimism that oversupply will lessen. We're even seeing signs of that in the U.S., which of course is not part of the deals. And which may throw the whole thing for a loop.