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Crude falls $0.09

Posted on: November 15, 2016

Crude fell 9 cents on Monday after trading in a range $1.61. The prompt hit a low of $42.20 around mid-day before climbing back up to close at $43.32. Brent fell 32 cents and closed at $44.43. The strengthening US dollar and concerns around the OPEC production cut agreement were the cause of the downward pressure on pricing.

With the November 30th meeting fast approaching, OPEC members are reaching out with diplomatic efforts to try and formulate an agreement on how the cuts should be distributed. It was announced at the meeting in Algiers that production would be brought down to a range of 32.5 million to 33 million barrels a day amongst OPEC producers.

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