Saudi Arabia, OPEC’s largest oil producer said that the organization could look into production cuts at the December OPEC meeting. The comments come from the newly appointed oil minister, Prince Abdulaziz bin Salman.
Oil prices have remained tame over the past month. They tanked earlier in the week after the US national security advisor, John Bolton. was removed from his post. The move means the US likely to take a softer stance on Iran.
WTI Crude Oil Remains Range-Bound
WTI Crude oil prices continue to trade flat within the support and resistance level of 54.42 and 57.50. This sideways range remains in place for well over a month and a half. Only a breakout from this range will determine the next leg in the trend. Oil prices remain bearish for the moment, with any upside seen only on a breakout above 54.42.
