Oil Up After Non-OPEC Production Cut Meeting Confirmed

by Tim Bonett, KPI Bridge Oil
Thursday December 8, 2016

Oil prices spent the morning trading in a seesaw fashion as currency rates fluctuated both domestically and abroad.

There was some early doubt that the scheduled meeting, regarding non-OPEC participation in the production cut, would take place this weekend.

Once the meeting was reconfirmed a small rally ensued.

The recent upswing in prices may be bittersweet for OPEC as it makes the requests for cuts a tougher pill to swallow for those on the outside.

Bunkers prices ended firmer on the day.

WTI January $50.84/BBL UP $1.07/BBL
Brent February $53.89/BBL UP $0.89/BBL