Hello MarketClub members everywhere. Crude Oil continues to head lower after OPEC announced that they had come to an agreement with Russia and other producers to extend their production cut deal by about 1.8 million barrels per day (BPD) until the end of March 2018. Their initial deal had been set to expire in June.
Oil prices fell when the deal was extended because some traders had hoped for a longer extension or deeper cuts.
All the while U.S. oil production has climbed to more than 9.3 million BPD, close to top producers Saudi Arabia and Russia.
Official government data showing weekly U.S. crude inventories will be published on Thursday, and most analysts expect U.S. stocks to fall by 2.8 million barrels last week, their eighth straight weekly decline. That's something to keep an eye on as oil heads lower.
Key levels to watch next week:
S&P 500 (CME:SP500): 2,352.72
Dow (INDEX:DJI): 20,553.45
NASDAQ (NASDAQ:COMP): 5,996.81
Gold (NYMEX:GC.M17.E): 1,258.40
Crude Oil (NYMEX:CL.N17.E): 45.92
U.S. Dollar (NYBOT:DX.M17.E): 99.76
Every Success,
Jeremy Lutz
INO.com and MarketClub.com
