Oil prices rose on Monday to multi-month records

Oil prices rose on Monday to multi-month records

By: Darryl Frankfort | Where To Trade | On:Monday, 05 December 2016
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  Oil prices rose on Monday to multi-month records, influenced by the hope of an announced output but by OPEC will help reducing the global supply superabundance and reduce the prices.
The U.S crude oil reached a new record since July last year on Monday morning, trading at $52.23 per barrel, up by 1.26% from previous sessions.

Brent crude oil futures went up by 1.34%, 73 cents to $55.19 per barrel, also setting new records from July of 2015. 
After OPEC has its first production cut since 2008 last week, the US crude oil and the Brent futures of crude oil quickly went up to 14% and 15% respectively.

The deal stipulates that OPEC will cut output by 1.2 million barrels per day starting January 2017, trying this way to reduce the massive global over-provisioning that acted like a pressure point on oil prices since 2014.
OPEC's 14 members are responsible for 33.6 million barrels per day, meaning a third of global production of oil.

In the agreement, OPEC members also pledged that will decrease production by 600,000 barrels a day. 
Russia, a non-OPEC country, one of the biggest oil producers, declared that it will cut production at November levels, by 300,000 barrels a day. Russia declared on Friday that its oil production for November is approximated at 11.21 million barrels per day, which is the highest level of production in 30 years.

OPEC will allegedly have a meeting with non-OPEC members on Friday, to set the final details of the oil output cut agreement with them too.
Experts warned that these cuts are will very probably influence other producers to increase output, making a reference to U.S.A.
As the oil prices rose, the number of U.S. active rigs drilling for oil reached 477,a new record since January this year.  

 

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