Main event this week was a news released by Saudi that the country's stressed readiness to cooperate with OPEC, hinting a likelihood at reviewing and cutting their production output. This sets fire through the market at lead to $ 2/bbl for crude prices spike within few hours. Turkey shot down a Russian warplane into near the Syrian border on Tuesday, adding tensions to the geopolitical concerns and uncertainty to the market. According to Bakker Hughes, oil drillers removed nine oil rigs in the week ended Dec. 25, bringing the total rig count down to 555, the least since June 2010. The EIA report showed both crude and products stocks building while production finally dropped. For a 10th straight week, commercial crude stocks increased in US (+ 1 Mb), reaching 488.3 Mb 2.6 Mb, just below the all-time high touched in April this year. Market is generally quieter with less liquidity due to major holiday Thanksgiving in the US.
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