A supply cut by Abu Dhabi supported the oil prices

A supply cut by Abu Dhabi supported the oil prices

By: Simon Furman | Where To Trade | On:Tuesday, 13 December 2016
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    Oil prices were supported by strong oil demand in Asia and supply cut by Abu Dhabi. The supply cut was part of a production curb by OPEC and non-OPEC members. 

   Traders, on the other hand, said that the market is being pressured by investors that are trying to close their strong financial positions from Monday. 
Brent future traded at $55.65/barrel, down by 4 cents from the previous session. 
The U.S. West Texas Intermediate crude futures went down to $52.75/barrel.

   The deal between OPEC and non-OPEC countries to cut output by 1.8 million barrels per day in order to reduce the oversupply has brought to surface profit-takers, traders say. 
Traders also added that the oil markets are still supported by the deal to prevent the output. 

   Abu Dhabi National Company said to its customers that it would reduce the Upper Zakum and Murban crude supplies by 5% both and 3% from Das crude exports, signaling that oil producers are planing their cut output.
The Abu Dhabi National Oil Company's cuts will have influence mostly in Asia.

   In the mean time, crude output for November in China went down 9% comparing the year before, reaching 11.14 million barrels per day.
In India, the second big consumer behind China, the oil demand went up by 12.1% in November, compared to the same period in 2015, reaching 4.07 million barrels per day.

 

Simon Furman

Simon Furman

Think Global - Act Local

Simon Furman is one of the best financial analyst with 27 years of trading experience

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