MTECHTIPS;-Oil Prices Mixed After OPEC Announce Production Cut

MTECHTIPS;-Oil Prices Mixed After OPEC Announce Production Cut

MTECHTIPS-Oil prices were mixed on Monday after OPEC announced on Friday a supply cut of 1.2 million barrels per day (bpd) from January. Crude Oil WTI Futures for January delivery dropped 0.11% to $52.11 per barrel at 12:37 AM ET (05:37 GMT) on the New York Mercantile Exchange, while London’s Intercontinental Exchange showed that Brent Oil Futures for February delivery gained 0.6% to $62.02 a barrel. OPEC announced Friday that it will reduce overall production among its members by 1.2 million barrels per day (bpd) during the first six months of 2019 in an effort to stave off a global glut in supplies and prop up prices. The producer club will curb output by 0.8 million bpd from October levels, while non-OPEC allies contribute an additional 0.4 million bpd of cuts, in a move to be reviewed at a meeting in April. Oil futures jumped sharply on Friday in reaction to the new production cut agreement. "Our key conclusion is that oil prices will be well supported around the $70 per barrel level for 2019," analysts at Bernstein Energy said on Monday

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