Oil prices went down on Tuesday

Oil prices went down on Tuesday

By: Simon Furman | Where To Trade | On:Tuesday, 06 December 2016
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 On Tuesday oil prices went down, as traders  took profits after OPEC agreement to cut output for the first time since 2008 and oil prices were initially  propelled on Monday by the decision. 

The U.S. crude oil was trading at 51.35 dollars per barrel, down by 0.83% from the last session. Compared to Monday, the U.S. crude oil were down 43 cents. On Monday, the U.S. crude oil were trading on their highest point since July of 2015. 

Brent oil futures went down 27 cents to 54.67 dollars per barrel. Brent had its highest score on Monday too, at 55.33 dollars per barrel.
Last week, the U.S. crude oil had the best result on a weekly percentage gain since 2011, and rose 14%, while Brent oil rallied to 15%. Both were influenced by the OPEC's first agreement on a production cut since 2008.

The agreement stipulates that OPEC will cut output by 1.2 million barrels per day starting January 2017.

Even non-OPEC members, like Russia, were included in the agrement. Production is expected to decrease by 600,000 barrels a day. 
After six months, the impact of the output will be reassessed and recalculated for another six months if the results are favorable. 

OPEC members agreed the deal in order to try to reduce massive global oversupply that pressured the oil prices to go lower since 2014.

 

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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