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The price of WTI Crude Oil is just trading about $1.30 below the current 10-month highs reached two weeks ago. This pullback comes just days before the start of the new year, which will see output cuts drop by 500,000 barrels per day to 7.2 million barrels.
Before the OPEC+ members confirmed the production cuts for January, oil prices had started to drop. However, a significant rebound followed after the announcement of the January output reductions. That boost now appears to have dissipated. There are a few reasons why this may be happening.
First, it is possible that the market has already priced in the expected output cuts in January. According to forex and commodities trader Edward Kendy co-founder at BestOnlineForexBroker.com, “the prevailing oil prices are based on the auction prices in the futures markets which factor in the expected output for the next 3 months, 6 months or more.” As such, the moment the announcement of the new production cuts was made at