OPEC member nations and Russia confirmed that the current production cuts will continue through to next year. The report comes ahead of the OPEC meeting due in December.
The nations will take a review of the production cuts that will last until March 2020. The report dismisses earlier claims about efforts to cut production further. Oil prices were muted to the news.
WTI Crude Oil Trades Mixed Near the Top
Crude oil prices were trading mixed near the resistance area of the 57.64 – 57.87 region. Price action remains very choppy at the current levels. Failure to breakout above this level could signal a correction lower. This will bring oil prices back to the lower support at 54.71 – 54.42 level. The weekly crude oil inventory report is due to come out in two days.
