MTECHTIPS;-Crude Oil Prices - Weekly Outlook: November 19 - 23

MTECHTIPS;-Crude Oil Prices - Weekly Outlook: November 19 - 23

MTECHTIPS-Crude Oil In the week ahead, oil traders will pay close attention to comments from global crude producers to gauge their readiness on cutting output, after prices suffered their sixth weekly loss in a row. Global oil prices have lost roughly a quarter of their value since early October in what has become one of the biggest declines since a price collapse in 2014, with surging supply and the specter of faltering demand scaring off investors. Ministers from the Organization of the Petroleum Exporting Countries (OPEC) meet on Dec. 6 in Vienna to decide on production policy for the next six months. OPEC officials have been making increasingly frequent public statements that the cartel and its partners would start withholding crude in 2019 to tighten supply and prop up prices. Saudi Arabia, OPEC's de facto leader, wants the cartel to slash production by about 1.4 million barrels per day (bpd), according to recent reports. On Friday, futures pulled back to finish flat after data showed that U.S. energy firms added oil rigs for a fifth time in six weeks, keeping the rig count at its highest in over three years

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