OPEC pumped some 32.68 million b/d down 460,000 b/d from November and the largest month-on-month drop since January 2017 when the first OPEC+ oil production deal was first put in place to drain down a then-oil supply glut that had seen prices plunge from $100 per barrel in mid 2014 to under $30 per barrel by January 2016.
"Very high Saudi and Russian production, in particular, has heightened supply volatility, so whether Opec and Russia maintain production discipline and renew agreements to limit output are key concerns going into the new year", said Steve Wood, Moody's managing director, oil and gas.
Brent crude LCOc1 futures rose $1.47 to $58.53 a barrel, a 2.6 percent gain, as of 11:12 a.m. EST (1612 GMT).
U.S. West Texas Intermediate (WTI) crude oil futures settled up $1.26, or 2.6 per cent, at $49.78 a barrel. Oil futures have gained more than 7 percent since last Monday. Last Thursday, all three major US stock indexes plunged by 2 percent after a dire revenue warning from Apple heightened fears of a global economic slowdown. "Momentum is coming back into the market from very depressed price levels", Petromatrix strategist Olivier Jakob said, according to Reuters.
But looming over the OPEC-led cuts is a surge in USA oil supply - now the world's top producer - driven by a steep rise in onshore shale drilling.
Further support for higher crude oil prices came from rising Turkish exports of Iranian crude, planned output cuts in Saudi Arabia and the nearly omnipresent problems in Libya's Sharara oil field.
American crude stockpiles probably declined by 1.75 million barrels last week, according to a median estimate in a Bloomberg survey of analysts ahead of United States government data today.
Consultancy JBC Energy said it was likely that USA crude oil production was already "significantly above 12 million bpd" by early January. United States crude inventories at Cushing, Oklahoma, the delivery point for USA crude futures, fell by 565,000 barrels from last Tuesday to Friday, traders said, citing data from market intelligence firm Genscape. "Maybe the pace of fluctuation was higher in the past weeks, but that is driven not only by market fundamentals; it's driven as well by geopolitics, trade wars, sanctions and many other things".
S&P Global Ratings said it had lowered its average oil price forecasts for 2019 by $10 per barrel to $55 and $50 per barrel for Brent and WTI, respectively. Societe Generale cut its 2019 oil price forecast for Brent by $9 to $64 a barrel and reduced its forecast for USA light crude by $9 to $57 a barrel.
Hyundai has shown off a small model of a auto it says can activate robotic legs to walk at 3mph (5km/h) over rough terrain. This means it can function like a traditional vehicle, capable of traveling at highway speeds with passive suspension.
During the couple's engagement interview , Meghan said: "For me, once we hit the 100-episode marker, I thought, "You know what?" They're so keen that they're offering her a multi-million dollar donation to the charity of her choice.
Alabama seemed panicked in the third quarter, running a fake field goal into a waiting Clemson defense instead of kicking from 40. And of the top 25 ranked schools at the end of this year's college football regular season, only four were not Nike-sponsored.
GK Thibaut Courtois, 7 - Sent wrong way for Willian Jose's second minute penalty and completely exposed for Pardo's late header. Barcelona have won seven out of the last 10 La Liga titles and now own a five-point cushion.
The exclusion zone around airports will be extended to approximately a three-mile radius, with extensions from runway ends. The force said "officers based at Heathrow are now investigating the reports with colleagues from (the) airport".
The AASU activists tried to ransack a BJP office in Dibrugarh, prompting police to resort to lathicharge and fire rubber bullets. Rajnath Singh highlighted the discrimination and religious persecution faced by the minorities in these countries.
Jon Huntsman , visited Whelan on Wednesday at Moscow's Lefortovo prison, a State Department official told NPR. He is the global security director for the Auburn Hills, Michigan-based BorgWarner, an auto parts supplier.
Police have made no arrests so far and it remains unclear if they have identified any suspects yet in their investigation. On Dec. 29, with help from one of the facility's nurses, the patient gave birth to a healthy baby boy, KPHO reported.
I feel like the coach has a great plan for me and I think he'll help me develop as a man. "I am so excited to be a bhoy and part of the Celtic family".
Cash bonuses for India heroes after Australia Test triumph
Consequently, Virat Kohli became the first Indian as well as the first Asian captain to win a Test series in Australia . India won its maiden Test series in Australia on Monday , and all hell broke loose in the form of celebrations.
James Harden and Chris Paul make demand ahead of deadline
Leonard, who was booed nearly everytime he touched the ball, had an average night with 21 points, 5 assists and 2 steals. After struggling to find his stroke from deep, Thompson is 10 for 17 on three-pointers the past three games.
Thousands stung in jellyfish 'invasion'
About 13,000 stings were recorded in the past week - three times more than in the corresponding period a year ago . Most incidents took place in Queensland's heavily populated Gold Coast and Sunshine Coast regions.
Susan Boyle Gets Golden Buzzer On America's Got Talent
Susan Boyle reprised her hit cover of the Rolling Stones' Wild Horses during an emotional appearance on America's Got Talent . After watching her sing, Cowell told her: "I can not think of any other contestant who has defined this show better than you".
Musk Breaks Ground For Tesla's China Gigafactory
Tesla CEO Elon Musk announced on Twitter Sunday night that the company would break ground on its new Chinese factory on Monday. Tesla is eager to get the factory up and running as soon as possible so it can begin constructing select models locally.
Apple greets CES 2019 with snarky iPhone privacy billboard
That's especially true for Monday, Jan. 6: "Press day" is comprised of at least a dozen press conferences, starting at 8 a.m. Apple spent a lot of time in 2018 taking Facebook and Google to task for their frightful privacy policies.
German politicians' data hacked, posted online
German newspaper Bild said that the entire German cabinet was victimized, along with various German musicians and comedians. The Hamburg-based account, calling itself G0d, was opened in 2017 and has more than 18,000 followers.
China: Man stabs 20 children in attack at Beijing school
Violent crime is rare in China but there has been a series of knife and axe attacks in recent years, many targeting children . In 2017, a man in his 40s injured 12 children with a vegetable knife during a rampage in the southern city of Pingxiang.