Oil prices are gaining steam on hopes that some of the biggest producers will stabilize production, but that won’t do anything for prices, according to one analyst. Reports surfaced that OPEC and Russia will meet in March to discuss a potential production cap at January’s levels, which are already near record highs. ‘Whether there’s an agreement or not – it really doesn’t make much difference,’ said Spencer Welch, an oil analyst at IHS, based in London. ‘The market is already oversupplied and if they say they’re going to carry on at current levels, that’s not going to help rebalance the market.’ Brent crude could gain nearly 10 percent this week. TheStreet’s Scott Gamm has details from Wall Street.
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