Oil prices remain stuck in a trading range between US$62 and US$57.80. The recently announced production cuts of 1.2 million barrels per day by
OPEC
have done little to help prices higher. Here's an AFP
article
where Iran's envoy suggests that further cuts are on the way. He was quoted saying the following.
OPEC oil ministers have
reached an understanding that if the 1.2 million barrels per day cut does not have an impact on the market, they will make a further cut in the output ceiling.
In my opinion it will only
be a matter of time before oil starts to rally again. Watch for that US$62 resistance level to broken for signs of another rally.