CNBC | Why the oil price spike is a risk for markets CNBC Oil spiked on Tuesday as Russia's Interfax news agency said that Russia and Saudi Arabia had agreed on a production freeze ahead of the upcoming OPEC meeting in Doha, regardless of whether other OPEC members participate or not. Oil immediately ... Oil Rises to Highest Level Since November on Hopes for Output Freeze Weak oil prices spur cut to Saudi Arabia's credit rating Weak Oil Prices Prompt Fitch to Cut Saudi Arabia's Rating |