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WTI gives back ~3% last week, remains range-bound
The WTI front-month contact fell $1.41/bbl, or 2.7%, last week to settle at $51.20/bbl. The market remained volatile as it weighed lower global economic growth and growing US production against upcoming Vienna Pact production cuts. On Monday, Dec. 10, WTI fell $1.61 to settle at $51.00/bbl, immediately wiping out most of the prior week’s 3.3% gain. Prices had surged the prior Friday following a Vienna Pact decision to collectively cut 1.2 MMbo/d for six months, but some analysts don’t believe that will......
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