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NY Mercantile . Currency in USD
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The road back to an oil market recovery is already proving to be an arduous one, with the OPEC meeting being followed by bearish EIA reports and investor uncertainty
Members of the Organization of the Petroleum Exporting Countries (OPEC), which accounts for a third of global crude supply, agreed last week to cut production from January by around 1.2 million barrels per day (bpd), or over 3 percent, to 32.5 million bpd. Oil prices rallied nearly 13 percent in the week to Dec. 6 after OPEC announced the deal. In the days leading up to the OPEC deal, there was widespread speculation of a rift among member countries about the terms of the deal and potential exceptions to the agreement, leading to some speculators cutting back on bullish bets.
- Market Realist•2 days ago
The EIA (U.S. Energy Information Administration) reported that US gasoline inventories rose by 3.4 MMbbls (million barrels) to 229.5 MMbbls between November 25 and December 2, 2016.