We've become accustomed to market sentiment being hit every time OPEC sits down round the table and today is no different.
The meeting in Vienna is moving markets and big oilers and definitely moving the oil price, with spot US crude benchmark (WTI) up over 8% at the last count.
It's arguably detracting attention away even from potentially disturbing news on British banks and the stress test news.
So it sounds like OPEC "deal" will be conditional on subsequent deal with non-OPEC members in December to agree on 600kbps NOPEC cut
— zerohedge (@zerohedge) November 30, 2016
Paul Sirani, chief market analyst at Xtrade, put it thus: "With the economies of many OPEC member nations near wholly dependent on high oil prices to function, a deal to cut oil production looks to be close. The recent rally to almost $50 a barrel following Iraqi Oil Minister Jabbar al-Luaibi’s announcement is testament to that."
But the analyst notes the swing can go the other way too and a non-agreement at today's meeting of the Organisation at Petroleum Exporting Countries could well see the price of Brent crude sailing south at a rate of knots "towards the $40 mark and possibly below".
So it's a big day and the big guns are feeling it. Royal Dutch Shell (LON:RDSB) is up 4.16% to 2,030p and BP (LON:BP.) added 3.42% to 457.7p.
On the losing front however, there is Royal Bank of Scotland PLC (LON:RBS) to balance things out a little and its shares are plunging like a stone after the Bank of England crisis test results came in.
It still could not cope in the event of another financial meltdown, according to the study, and had to submit a new capital organisation plan.
Banks and their health is important to the nation's investors (as well as those who use them of course) as they represent14% of total FTSE 100 dividends.
Barclays (LON:BARC) and Standard Chartered (LON:STAN) also failed on some measures but were not asked to submit plans.
Russ Mould at AJ Bell noted: “Only HSBC and Lloyds passed the minimum capital requirements and the tougher balance sheet tests targeted by the Bank of England without the need for additional capital raising, dividend cuts or the conversion of so-called AT1 bonds into shares.
“These tests demand that the banks meet a minimum level of Core Equity Tier 1 (CET1) capital as a percentage of their overall assets, so they withstand losses during a range of potential negative outcomes and not require further financial assistance."
In other news, UK mining has been put in the spotlight at the House of Common's according to AIM listed Strategic Minerals (LON:SML), which holds a range of assets around the globe, including a tin/tungsten option in Cornwall - for 50% of the Redmoor site.
Director of subsidiary Cornwall Resources Limited Peter Wale gave a presentation on Monday to MPs and a select group of invited guests.
There were also presentations from North Yorkshire focused Sirius Minerals PLC (LON:SXX) and Devon-focused Wolf Minerals plc (LON:WLFE) about their projects.
Bank of England stress tests: RBS fails – business live https://t.co/K3cWxb1NcH
— The Guardian (@guardian) November 30, 2016