The overhang has seen Iraqi crude grades selling as low as $30 per barrel, while official selling prices from Nigeria have fallen to their lowest in more than a decade. "This would mean that oil prices should be holding steady this week and should mean that supports of $40 and $43 for WTI and Brent January 2016 should hold".
The loonie is likely to find resistance around 93.00 against the yen, 1.32 against the greenback, 1.40 against the euro and 0.95 against the aussie.
Crude rallied early after Saudi Arabia pledged to work towards oil price stability. The rebound soon lost steam, however, as analysts noted the remarks were in line with previous Saudi statements. Saudi Arabia has priced its oil at a six-year low for Europe after starting to ship crude to traditional Russian markets such as Poland.
Investors have kept a close eye on the total of domestic oil rigs online, amid forecasts for sharp declines in US output in 2016.
However, analysts say market participants remain nervous that oil majors, particularly those in the Organization of the Petroleum Exporting Countries, will continue to ramp up output amid low prices for the sake of defending market share.
On Friday, oil prices turned higher after industry group Baker Hughes reported that the US oil rig count fell by 10, sparking a few optimism that oil production in North America is tapering down.
BMI Research, part of the Fitch ratings agency, said: "What is underway now is a structural market rebalancing in which low oil prices clear out high cost production - a relatively small part of which is U.S. shale".
Anything positive regarding a fall in USA crude oil stocks could lead to a frenzied bout of trading after the announcement is made at 1530 GMT.
Benchmark front-month Brent futures for January fell 60 cents, or 1.34 per cent, to US$44.06 a barrel, after ending up 48 cents at US$44.66 a barrel on Friday. "The principles of OPEC were to act on the price of the crude oil, and we need to go back to the principles of OPEC". That's because it wants to maintain, if not increase, its control of the oil market.
Hedge funds are betting OPEC won't do anything next month to keep crude oil above $40 a barrel. North Sea brent futures ended the week up 2.5%, after closing in the green in four of five sessions on the week.
Refinery rates rose while inventories at Cushing, Oklahoma, the delivery point for WTI and the biggest USA oil- storage hub, increased for a second week to 56.9 million barrels.
As corners and receivers typically do, Beckham and Butler went at it on almost every play, even getting chippy at certain points. While the Patriots kept their undefeated season alive at 9-0, they also took a big blow with Julian Edelman's foot injury.
Assuming Ortiz does indeed retire following the 2016 season, he will be eligible for the Hall of Fame for the first time in 2021. If Ortiz hits 30+ home runs in his final season, he could reach as high as 17th all-time on the home run list.
There is expected to be mass disruption to the NHS, with hospitals forced to cancel outpatient clinics and non-urgent operations. He blamed a "failure of BMA leadership" for the situation and urged both sides to return to the negotiating table.
Merida's dad had an enchanted helm, and his not paying the witch who made it is why they are being threatened into becoming bears. But when Hook uses a bit of enchantment with his Hook , Zelena instantly recognizes what is truly going on with their situation.
However, with this new announcement coming to light, gamers and critics alike are getting excited on how this will fare. Around 1,850 games were made for the console, so there is a lot of choice in deciding which to bring back.
It was a rain-shortened race at Phoenix worldwide Raceway in Avondale, Arizona, a region often known as "the Valley of the Sun". Gordon had the only spot at Homestead locked up before the race, thanks to his win at Martinsville two weeks ago.
QB Matt Cassel passed for 299 yards last week, but the dominant run-blocking line is still the meal ticket for this team . The Seahawks wound 5:31 off the clock for Steve Hauschka's 24-yard field goal with 1:10 remaining for a 13-12 victory.
Drama protected from £12m cut to BBC's TV budget
Gerry Morrissey, general secretary of the Bectu union, said on Wednesday: "We will oppose any compulsory redundancies". The latest announcement is the first time the BBC has announced cuts to on-screen and on-air content.
Ronda Rousey to Grace EA Sports UFC 2 Cover
The 28-year-old of Venezuelan descent said that she will probably wait until at least UFC 200 to get into the octagon again. MMA is a volatile sport where a fluke injury in the opening minute can derail the biggest and most justifiable favorite.