Will Crude Oil Futures Trend Higher after OPEC Meeting?
The American Petroleum Institute will release its crude oil inventory report on Tuesday, December 5, 2017. The EIA will release its crude oil inventory report on Wednesday, December 6, 2017. On Friday, December 8, 2017, Baker Hughes, a GE company, will release its US oil rig report.
All of these catalysts could influence oil (DWT) (UCO) prices this week. US oil (OIL) (DTO) prices gained 5.5% in November 2017. Higher oil prices benefit oil companies (FENY) (IEO) like Occidental Petroleum (OXY), Hess (HES), and Bonanza Creek Energy (BCEI).
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Bullish drivers for crude oil futures
US active crude oil (SCO) futures tested $58.95 per barrel on November 24, 2017. It was the highest level in almost three years. Prices rose due to the extension of ongoing production cuts, a decline in OECD and US crude oil inventories, and crude oil supply outage in Libya, Nigeria, Iraq, and Venezuela.
Any fall in US oil inventories, higher compliance with production cuts, and a fall in OPEC exports could support oil (UCO) prices.
Bearish crude oil price drivers
US active oil futures tested $26.21 per barrel on February 11, 2017. It was the lowest level in more than a decade.
The increase in US crude oil rigs and production could pressure crude oil futures this week. The strong US dollar (UUP) would also pressure oil prices.
Crude Oil Volatility Index
Read Key Catalysts for US Natural Gas Prices Next Week and Battle between Crude Oil Bulls and Bears Is Almost Here for the latest updates on natural gas and oil.