According to investing .com
Oil Wednesday was off 7 weeks highs amid upbeat sentiment on output cuts.
Brent crude was off 35c,.62% @56.31 @ 08.00et.
Us crude shed 36c,.66%to 53.97.
OPEC estimates high compliance with cuts of 1.2 million barrels a day at the start of this year for 6 months. Non OPEC members led by russia have also agreed to cut output by 558000 barrels a day.
This simply show that currntly there is an over supply of crude oil and that the prices of oil will decrease and for at least 6 months oil will remain slow ...
According to investing .com Oil Wednesday was off 7 weeks highs...
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