Why the Price of Oil Surged Beyond $65 a Barrel

Oil bulls and investors in oil stocks such as BP (NYSE: BP) and Royal Dutch Shell (NYSE: RDS.A) (NYSE: RDS.B) have watched with pleasure as the price of oil has risen above $65 a barrel. The move follows the surprise decision by OPEC+ to keep supply restrictions in place through April. Given that the OPEC group includes Saudi Arabia, Iran, and Iraq -- while the "plus" bit includes Russia and nine others -- it's a safe assumption that the supply of oil will tighten.