Crude Rebound Stalls as Kuwait Seeks Stable Oil Market

Oil Talking Points

Crude struggles to preserve the rebound from earlier this week as Kuwait’s Oil Minister, Bakheet Al-Rashidi, argues that ‘it’s very early to talk about any cuts’ ahead of the Organization of the Petroleum Exporting Countries (OPEC) meeting on December 6, and the current environment is likely to keep oil prices under pressure as the Relative Strength Index (RSI) still sits in oversold territory.

Image of daily change for major financial markets

CrudeRebound Stalls as Kuwait Seeks Stable Oil Market

Image of daily change for crude oil prices

It remains to be seen if OPEC will continue to actively respond to falling oil prices as Saudi Arabia considers a more clandestine approach in balancing the energy market, but there appears to be growing speculation for a major announcement next month as the group sees slowing demand in 2019.

Image of EIA US weekly field production of crude oil

Keep in mind, the outlook for non-OPEC production remains mixed as updates from the U.S. Energy Information Administration (EIA) show field production holding steady at 11,700K b/d in the week ending November 16, and OPEC and its allies may

Article source: https://www.dailyfx.com/forex/fundamental/us_dollar_index/daily_dollar/2018/11/27/Crude-Rebound-Stalls-as-Kuwait-Seeks-Stable-Oil-Market.html