Saudi Arabia, Russia, Qatar, and Venezuela, have agreed to freeze oil production at the level of supply produced in January, dashing oil bulls’ hopes of a cut that would have increased prices. However, the energy ministers of those countries say the freeze would only go into effect if the other OPEC members agree as well. Iran has said it would discuss a production freeze once it reaches pre-sanction levels of oil production. Chinese stocks logged their best gains in 3 months. Data show the nation’s banks doled out a record amount of loans in January. Also, reports say policy makers are expected to release a package of measures to ensure economic growth is in a reasonable range this year. Wall Street heads back to work today to assess what the death of Supreme Court Justice Antonin Scalia means for business. The pending docket, which wraps up by the end of June, includes cases involving the Puerto Rican financial crisis, teacher unions, and a class action case against Microsoft.
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