Oil traded below $53 a barrel in New York, little changed a week after OPEC and its allies announced substantial output cuts, as traders weighed an uncertain outlook for 2019.
Saudi Arabia’s plan to slash exports to the U.S. next month is shoring up expectations that the Organization of Petroleum Exporting Countries and its partners will deliver on last week’s promise to curb production. Yet the outlook is clouded by booming American output, which veteran crude trader Andy Hall says is making it hard to predict the market’s direction.
“The market may have to wait for OPEC to get the job done this time, given the perception that OPEC+ was unable to cut enough to reduce the surplus expected,” said Michael Cohen, an analyst at Barclays Plc. Read More
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