Crude oil can reverse direction only if OPEC decides to cut output by 1 mbpd


Crude oil can reverse direction only if OPEC decides to cut output by 1 mbpd

Oil prices have declined by almost 30 percent in just a span of 2 months. Last week, oil prices have stayed flat with no major convincing direction on either side.

Oil prices exacerbated selling after US eased sanctions on Iran temporarily and also due to rise in oil production by the OPEC countries and Russia. Also, the global growth demand worries aggravated selling in oil prices reversing the outlook on oil and shifted the market into surplus.

At present, oil investors are eagerly awaiting some of the major developments in the commodity market as the December month is packed with major policy announcement which will provide a new direction to the commodity investors.

Next week, OPEC oil output policy is slated on December 6 2018 followed by Brexit deal voting result outcome on December 11,  2018 and US Federal Reserve policy meeting on December 19, 2018. Read More

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