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Opening PricesBRENT / WTI
Closing PricesBRENT / WTI
brent54.29dollars
per barrel
wti
wti51.39dollars
per barrel
brent53.92dollars
per barrel
wti
wti51.08dollars
per barrel

monthly
review

Crude oil posted a solid gain in December, driven by late November’s decision by OPEC to cut production starting January 1. There have been many doubts throughout the year as to whether the cartel could form a united front to deliver such a deal, but from the market’s performance this month, it looks as if investors are going to give them a chance to succeed. The initial plan called for OPEC to reduce production starting in January by 1.2 million barrels per day, or over 3 percent, to 32.5 million bpd. Top exporter Saudi Arabia said it would cut as much as 486,000 bpd. The news fueled a rally by U.S. West Texas Intermediate Crude Oil from $46.62 to $54.26...read more

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James Hyerczyk

FXEmpire

brent
wti
Source:
Bloomberg
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