Crude oil prices rose yesterday when the market closed as market investors were still concerned about the unrest in the_Middle East after the U.S. assassination of the Iran's General Qasem Soleimani.
Reuters reported a drop of OPEC crude oil production (14 countries) on December 19 to 29.50 MMBD, with a 0.05 MMBD MoM decrease in Saudi Arabia crude oil production to 9.80 MMBD, which was 10.311 MMBD lower than the agreed level with OPEC +. The cooperation level to reduce production is 259%.
ICE reported the investment status of Brent crude oil contracts in London for the week ended December 31, 2019. Fund managers adjusted their net long position with 8,075 WoW more contracts to 410,530 contracts.
The Commodity Futures Trading Commission (CFTC) reported the investment status of WTI crude oil in the New York and London markets. For the week ended December 31, 2019, the fund managers raised their net long positions by 14,101 to 326,476 WoW contracts.
Keep an eye on the unrest in the Middle Eastern countries. This could be an important factor for the rising prices in this period after Iran raised a red flag over the Holy Dome of Jamkaran Mosque, east of Qom, symbolizing a preparation for retaliation against the United States to take revenge for the deceased who had been assassinated.
