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The IEA report shows an increase of 100,00 barrels per day of OPEC output for the month of November

December 14, 2018
Recap: At the onset of Thursday’s session, oil futures fell toward key support, as traders responded to the IEA report, which showed an increase of 100,000 barrels per day of OPEC output during the month of November. Oil prices fell below unchanged, but failed to break to the dow ... Read More
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API reported a 10.2 million barrel drop in supplies

December 13, 2018
Recap: It was an erratic trading session for oil prices on Wednesday, with prices trading on both sides of unchanged. Crude oil futures began the session trading above unchanged as overseas traders reacted to the 10.2 million barrel drop in supplies as reported by the API. As equ ... Read More
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Libya's National Oil Company declared force majeure on exports from the El Sharara oilfield

December 12, 2018
Recap: Oil prices rose on Tuesday aided by a rise in global equity markets and after Libya’s National Oil Company declared force majeure on Monday on exports from the El Sharara oilfield. The shutdown of Libya’s largest oilfield is expected to result in a loss of 315,000 barrels ... Read More
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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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