Crude oil prices continue to slowly increase due to the continued trade impasse with China and a supply overhang. Despite these headwinds prices are trending upward and are trading around the $60 per barrel mark.

The good news is that OPEC+ announced plans to cut back crude production by a further 500,000 barrels per day (bbl/d) through March 2020 to help support price increases. Unfortunately, the market was slow to respond to this news due to uncertainty over whether members would actually abide by the terms.

However, OPEC+ production cuts haven’t had much of an impact on global prices in recent years due to huge increases in crude production out of North America.

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