Decline Forecast In U.S. Inventory And OPEC Cuts Help Oil Prices Rise – 23 December, 2019

Russia’s cooperation with OPEC countries to cut oil production to support the market helped prices edge higher. International Brent crude rose 5 cents to $66.44 per barrel, while U.S. West Texas Intermediate was last standing at $60.53 per barrel, 1 cent higher. U.S. production has been pumping crude to new records over the last year, reaching as high as 13 million barrels per day last month, which have caused inventories to swell. Analysts believe the U.S. is headed for a second week of declines after stocks fell roughly 1.8 million barrels last week, with OPEC hoping to make enough cuts over the next year to bring global production down by 2.1 million barrels per day.