Transocean Ltd. (RIG)

[ogbull]

Arab OPEC producers expect global oil prices to rebound to $70-$80 a barrel by the end of next year as a global economic recovery revives demand. The news follows Saudi Arabia's announcement, which stated that OPEC would not cut production at any price, even at $20 a barrel. Gaining on the expectations of firm U.S. economic data due later today, Brent crude is up 1.1% at $60.79/bbl, while WTI is up 1.5% at $56.10.