Trading is expected to remain thin this week ahead of the New Year holiday.
In December, OPEC and Russian Federation agreed to cut oil production in order to boost prices. If we can break above the top of a hammer, it's likely that we will continue to go higher but there is a lot of noise between here and the $4 level that could cause quite a bit of volatility.
OPEC members have agreed to cut output by a combined 1.2 million barrels a day, effective January 1, which had been their very first deal since 2008. Earlier in December, Iraq increased sales of the commodity to China, India and the USA, and even expanded a contract with a major Chinese refiner.
Crude stocks rose by 614,000 barrels in the week to December 23, as refineries cut output crude imports fell, the Energy Information Administration reported. OPEC doesn't want to provoke a shale drilling revival and will work to keep prices in a medium range. Analysts polled ahead of the weekly inventory reports had forecast, on average, that crude stocks would decline 2.1 million barrels in the week to December 23.
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Green, 26, posted a Snapchat video late Thursday night that showed him walking toward a private jet on the Oakland airport runway. Though they still trailed by 13, this was a very different team than which had surrendered so meekly in the first half.
"Without prejudicing its global contractual obligations, from January 1 2017, (state oil company) PDVSA and/or its subsidiaries will implement a reduction in the volumes of its main crude sale contracts, all in conformity with existing terms and conditions", the Venezuelan Energy Ministry said.
"All producers were convinced, inside and outside of OPEC, of the importance of accelerating balance in the oil market, and this conviction cements my confidence that all countries will highly adhere to their obligations" said Al-Falih. But Libya and Nigeria - which are exempt from reductions because conflict has curbed their output - have been increasing production.
Important disclosures: The information provided herein is believed to be reliable; however, EnerCom, Inc. makes no representation or warranty as to its completeness or accuracy. That pushed most of the state's drilling and drilling-services companies into inactivity or out of business. In addition, EnerCom, or its principals or employees, may have an economic interest in any of these companies. While Saudi Arabia acknowledged that reducing production was necessary to stabilizing oil prices, the kingdom insisted that it would only commit to such action if Iran was going to do the same.