OPEC

Oil prices have risen sharply over the last few months. Normally, that's a recipe for a drilling frenzy from U.S. oil producers. But something strange is happening, or rather, not happening.

OPEC and its allies said Thursday they are keeping oil production largely steady, even as crude prices stage a remarkable recovery, betting that a restrained approach will lay the groundwork for prices to climb even more.

Oil prices and stock indexes were in freefall Sunday after Saudi Arabia announced a stunning discount in oil prices — of $6 to $8 per barrel — to its customers in Asia, the United States and Europe.

It's the largest one-day surge in crude prices in years. Yemen's Iranian-backed Houthi rebels claimed responsibility for the strikes, but the U.S. says Iran played a key role. Iran denies involvement.

Gasoline prices have been dropping steadily for months; they're averaging right around $2.25 per gallon nationally. Enjoy, but don't get used to them, analysts say.

Oil prices dropped below $60 a barrel on Black Friday, the lowest price in a year. While President Trump credits Saudi Arabia for what he says amounts to a "tax cut," the reality is more complicated.