Because a lot of bad news to investors expect stampede in the implementation of OPEC

Because a lot of bad news to investors expect stampede in the implementation of OPEC, limited production plan at the end of November is not high.

TycheCapitalAdvisors TariqZahir traders said: “the next one to two weeks, even if the final implementation of limited production plan, but for oil prices will not be too much influence. The oil price has a reversal, the future may be further down low.”

Friday (November 11th), American oil service Beck Hughes released data show that as of November 11th week, the number of U.S. crude oil drilling platform rose 2, rose to 452 U.S. exports; oil drilling, natural gas drilling and the mixed oil and gas drilling down 1 to 568 of total exports, export. From the recent changes in the number of American petroleum drilling, the drilling platform overall number in the continuous recovery, indicating that the U.S. crude oil production is likely to be active.

Well-known financial blog zero hedge US week when drilling the total said last week that the United States yield a number of months the largest increase, the number of U.S. crude oil drilling now rose to a 9 month high, but the price is not affected by this; at present oil prices mainly affected by Trump’s economic policy boosted the dollar, OPEC or unable to reach an agreement or an invalid the agreement is expected to push.

In addition, before OPEC announced the monthly report, the International Energy Agency (IEA) report shows that if OPEC is unable to take adequate action, the problem of excess supply is expected to continue until 2017. IEA said that in October the global supply of crude oil increased by 800 thousand barrels a day to 97 million 800 thousand barrels / day, due to the OPEC production of a new high, including Russia, Brazil, Canada, Kazakhstan and other non OPEC oil producers production promotion.