Oil prices declines on Monday after non-OPEC producers made no specific commitment to join OPEC in limiting oil output levels to prop up prices. Market movement suggests they wanted OPEC to solve its differences first.
Official and experts from OPEC and non-OPEC decided to meet on Nov 30 in Vienna for further discussions. OPEC and non-OPEC foresee a positive development towards reaching a global output limiting deal on the upcoming meeting.
A draft federal budget showed that Russia expects to increase its oil output by 0.7% at 2017and a further 0.9% the following year.
The federal budget draft also show crude production at record high of 548 million tons in 2017, and 553 million tons in both 2018 and 2019, up from 544 million tons this year.
The federal budget of United Arab Emirates approved a ($13.3 Billion) federal budget for 2017, almost stable from 2016, which suggest the UAE authority remain extremely cautious on spending as low oil prices pressure state finances.
Money Managers reportedly cut their net long US Crude futures and options positions for the 1st time in five weeks in the week ended Oct 25th.
Source : US Commodity Futures Trading Commission (CFTC)
London Brent crude was trading down $2.7 cents from $51.98, or 5.2 percent, after settling down $49.28 on Friday.
WTI crude was trading down $2.46 cents from $51.46, or 4.7 percent, at $49.00 a barrel, after closing down on Friday.
A fresh technical perspective on WTI with new weekly and monthly pivot points in play. A nice weekly and monthly pivot confluence for the bulls in the market