OPEC’s Efforts To Cut Production Undermined By U.S. – 11 October, 2017

Despite OPEC’s efforts to cut oil production, oil prices rose as U.S. inventories rose. West Texas Intermediate was trading at %51.08, down 0.4 percent and 22 cents per barrel, while Brent crude was trading down 32 cents and 0.6 percent to $56.62. While OPEC tries to tighten the market, U.S. production is undermining their efforts as sales were up by 3.1 million barrels from last week to 468.5 million barrels. Current supply and demand of oil in the U.S. leads expert to believe barrels should settle around $58 in 2018.