On Monday, crude prices were mixed in Asia, with market participants, lauding compliance with huge effort by OPEC as well as non-OPEC countries just to trim 1.8 million barrels per day from global crude markets, though noting a supply response from American shale drillers and also countries outside the pact.
In New York, February delivery crude futures dropped 0.48%, hitting $53.73 a barrel. Additionally, in London, March delivery crude futures earned 0.12%, just to settle at $56.90 a barrel.
In the week ahead, traders will be looking ahead to American economic reports, especially Friday’s retail sales figures for December. Moreover, traders will be monitoring an appearance by Fed Chair Janet Yellen on Thursday as well as speeches by a handful of other Fed representatives during the week and Trump’s press conference on Wednesday.
The previous week, crude futures concluded moderately higher, logging their fourth weekly revenue in a row with market participants encouraged by clues that key crude producers will adhere to the pledge to curb crude production.
