• U.S. West Texas Intermediate crude fell 3 cents at press time to $57.11 a barrel. Brent crude fell 23 cents to $63.04 a barrel. It settled down 2.1 percent on a wave of profit-taking after the North Sea pipeline shutdown helped send the global benchmark above $65 for the first time since mid-2015.
• OPEC talks ended in Vienna with an agreement to extend its production cut deal through the end of 2018. At press time, West Texas Intermediate crude was up 10 cents at $57.40. It has fallen 2.6 percent since last week, pressured by a faster-than-expected restart to the Keystone pipeline and a rise in U.S. stockpiles of gasoline and distillate fuels. Brent crude oil for January delivery was up 45 cents at $63.56 a barrel.
• Oil prices steadied near two-year highs and the market outlook remained upbeat as OPEC-led supply cuts tightened the market and drained inventories. Brent crude was up 3 cents at $60.51 per barrel. U.S. light crude was up 6 cents, or 0.1 percent, at $54.36, almost 30 percent above its 2017 lows in June. Confidence has been fueled by an effort lead by the Organization of the Petroleum Exporting Countries and Russia to hold back about 1.8 million barrels per day in oil production to tighten markets.
• At press time, WTI Crude Oil was sitting at $55.14, while Brent Crude was at $61.36. There are two forces at work in the oil markets today creating a tug of war, according to media sources. On the one hand you have U.S. shale producers on a quest to reach 10 million barrels a day in production amid falling seasonal demand. On the other hand you have the perception that the oil glut that has gripped the world over the last few years is coming to an end because of OPEC restraint and increased demand from improving economies.
• Oil futures ended lower at press time, pulling back after four-consecutive sessions of gains lifted prices to their highest levels in weeks. Tensions in Iraq and uncertainty surrounding Iran’s nuclear deal have raised the risk to global crude supplies as expectations for stronger oil demand boosted prospects for a more balanced market. November West Texas Intermediate settled at $51.29 a barrel on the New York Mercantile Exchange. December Brent was $57.23 a barrel on ICE Futures Europe.
