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OPEC and non-OPEC output cut agreement will be signed in three months' time

December 11, 2018
Recap: The oil market looked ready to post an inside trading day as it failed to breach Friday’s trading range for most of the session.  The crude market opened at $51.02 and posted a high of $52.81 before it retraced its previous gains.  The market breached Friday’s low amid rep ... Read More
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Crude oil futures rallied after OPEC members and nonmembers decided to cut production in January

December 10, 2018
Recap: Crude oil futures rallied on Friday as OPEC members and nonmembers agreed to cut back on production starting in January. After the release of the aforementioned news, January WTI rose by more than 5%, reaching a high of $54.22, while February Brent rose above 6%, to top th ... Read More
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OPEC announced that it was delaying its decision to cut output until it meets with other producers

December 7, 2018
Recap: The 7.3 million barrel draw in U.S. crude oil inventories did little to prop up prices after OPEC announced that it was delaying its decision to cut output until it meets with other producers on Friday. Adding extra pressure was a statement by the Saudi oil minister, stati ... Read More
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The Joint Ministerial Monitoring Committee agreed on Wednesday on the need to cut oil production in 2019

December 6, 2018
Recap: Oil prices traded in a choppy fashion ahead of the OPEC meeting which is to take place in Vienna. In a continuation of Tuesday’s late sell off, oil prices traded lower at the onset of Wednesday’s session, with January WTI falling as much as 2%, hitting a low of $52.16, whi ... Read More
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Traders continue to weigh in on the December 6th OPEC Meeting between major oil producers

December 5, 2018
Recap: Oil prices opened the session trading above unchanged in what was another unstable session, as traders continued to weigh in on the December 6 OPEC meeting between major oil producers. Expectations that there will be mild production cuts pushed January WTI to a high of $54 ... Read More
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Oil prices climbed more than 3% on Monday

December 4, 2018
Recap: Oil prices climbed more than 3% on Monday after the U.S. and China settled a 3-month trade dispute, while OPEC appears ready to cut back on output and Canada’s Alberta province reduced its production. While crude oil was not part of the trade equation, the tempering trade ... Read More
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Oil prices were weighed down by overflowing inventories on Friday

December 3, 2018
Recap: Oil prices fell further on Friday, weighed down by overflowing inventories, ahead of the upcoming OPEC meeting. November was the weakest month in ten years for oil prices, falling more than 20%, as global supplies overshadowed demand. Oil prices traded lower on the initial ... Read More
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The market remained pressured by the larger than expected build in crude stocks

November 30, 2018
Recap: The oil market on Thursday continued to trade lower and breached the $50 level for the first time since October 2017.  The market posted a low of $49.41 as the market remained pressured by the larger than expected build in crude stocks and Saudi Arabia’s insistence that it ... Read More
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There was a 3.6 million barrel build in U.S. crude oil inventories

November 29, 2018
Recap: In its initial reaction to the larger than expected 3.6 million barrel build in U.S. crude oil inventories, January WTI slipped to a fresh session low of $50.61, only to sharply rebound as the dollar traded lower and equities rose. This spot futures contract rose 3% off th ... Read More
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U.S. oil fell below unchanged but gathered strength in overnight trading

November 28, 2018
Recap: Oil prices were all over the place on Tuesday as traders grappled with record Saudi production and expectations that oil exporters could agree to cut production at the upcoming OPEC meeting. At the onset of trading, U.S. oil dipped below unchanged but gathered strength in ... Read More
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