OPEC not happy about the drop in oil prices
Brent finished on Friday down 53-cents to $53.82. That's a 15-month low and down from $87 in October.
The drop is putting heavy pressure on OPEC budgets and officials are attempting to jawbone prices higher.
The current cuts are intended to last from January for six months but Iraqi and Saudi officials are already talking about extending them for the full year.
OPEC's President said OECD oil inventories are now 37 million barrels over the five year average but that should be erased by the end of January.
The x-factor in oil prices is Iran and how hard the US decides to push on sanctions. Before Trump was elected and began talking about heavy sanctions, oil was close to these levels. The sanctions could have taken out 3 million barrels per day of Iran exports but only trimmed about 1 mbpd. At the same time, US production has risen by 2 mbpd.
What comes next for crude depends on what Trump decides on Iran.
Technically, there is little support in Brent until the mid-2017 low of $44.35,
