Crude Oil Prices Retreat

Oil prices lost some ground today during the Asiam hours even after the Organization of the Petroleum Exporting Countries (OPEC) and its friends decided to further increase production reductions by around 50% in early 2020.

Now, oil trades at $58.33, which is a gain of $0.04 or 0.07% from the previous close of $58.29.

The daily range is from $58.18 to 58.45, while the trading volume is 28.802K.

OPEC+ decided to remove additional 500,000 barrels per day (bpd) of production.

However, this change didn‘t manage to boost oil prices today as the reductions would likely only last through the first quarter of 2020.

Moreover, state-owned oil conglomerate Saudi Aramco priced its IPO at the top of its indicative range and raised $25.6 billion. In fact, Aramco set its IPO at 32 riyals ($8.52) per share.