It looks like the Crude oil price fall has no end as it reached a $53 per barrel yesterday, the lowest level in more then 12 months. In total, from the high of the year 2018 at $76,41 in October 03. Crude oil lost 30 percent until yesterday, slightly recovered to $54,40 in the morning. Due the oversupply and Saudi record output which reached the highest levels in 2018 it’s a normal market reaction. According to Bloomberg data Saudi Arabian oil production surged to a record, near 11 million barrels a day this month. It will be interested to see the OPEC reaction on the meeting in Vienna on December 06. when they will discuss its 2019 production strategy. Until the concrete actions and data change, it’s possible to see the oil price furder in the hands of the bears.
Charts: Bloomberg Terminal