The month of November did not end very well for the oil and gas market. With excessive global offer exacerbated, the penultimate month of the year ended as the worst for the price of the oil barrel in a decade. After reaching the highest level in four years, in October, the oil price plummeted more than 30%, setting in the most disastrous fall since 2015.
Increased oil stocks in the U.S., amplified by U.S. government exemptions from Iran's oil sanctions, has been worrying a lot about the market. This is not to say that the demand for fuel has been threatened by the trade dispute between the United States and China.
The oil maintained a level of US $50 this November which indicates exaggeration in the sales movement and reflected by the surplus of supply. Despite the difficult period, there is optimism about OPEC's offer cuts, as well as the slowdown of the United States, since current prices can paralyze the production of shale.
Not to mention that the numbers show a future improvement. The West Texas Intermediate (WTI) barrel contract for delivery in January 2019advanced 2.3%, while the Brent-type barrel for January passed to US $59.58 in the London Stock Exchange. A new pact between producer countries can also help in valuing the commodity. The expectation is good, it is worth waiting if it will come true.
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