Crunch Time for Oil As OPEC+ Could Make 3-Month Production Cuts

Trump hints at tariffs amid conflicting signals from oil producers

Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman Al-Saud and Russia's Energy Minister Alexander Novak are seen at the beginning of an OPEC and Non-OPEC meeting in Vienna on Dec. 6, 2019. Leonhard Foeger/Reuters

Oil prices rallied on Monday before dipping again as analysts continued to speculate on whether the OPEC+ group of oil-producing nations can reach agreement this week on cutting output. Oil prices had risen sharply last week after President Donald Trump said that he expected Saudi Arabia and Russia to cut production by between 10 and 15 million barrels per day.