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.
Airports worldwide - particularly across Europe - are reporting tightened security and delays and long lines at security. Enter details of the flight (i.e. departure and arrival airport as well as the date of travel) for live updates.
However, she is opposed to Kylie marrying Tyga at this point, thinking that Kylie is so in love that she's not thinking straight. Not only did Kylie not attend , she didn't mention or acknowledge Tyga's birthday on any of her social-media accounts.
Boone Jenner had a goal and two assists, Ryan Johansen had a goal and an assist and Brandon Saad scored for the Blue Jackets. Patric Hornqvist deflected a shot from the point past Bobrovsky with 52 seconds remaining to spoil Bobrovsky's shutout bid.
The military could still get cold feet and back away from the loss of its power and privilege, even if much of it is safeguarded. Thein Sein's spokesman said that the government would "obey" the results and work with Suu Kyi to transfer power peacefully.
Thirty years ago today, on November 20, 1985, Microsoft released version 1.0 of its new graphical shell called Windows. Starting today, we're going to offer never-before-seen deals on the Windows Store in Windows 10 devices".
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.
The Buick Envision is inching closer to USA shores as a new reporting is indicating the model will likely imported from China. As Chinese consumer preferences in cars converge with Americans, GM sees potential for more Chinese imports.
United Kingdom : Junior doctors vote to strike
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.
Winston's 1-yard TD run lifts Bucs over Cowboys 10
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.