WTI moved sideways near $53 from the Sunday open through Thursday afternoon, submitting a high of $53.79 and a low of $52.08 along the way. The narrow $1.79 range over the last four days suggests to us that the market is still content to sit in a holding pattern until we get a stronger sense of how many of the 1.8m bpd that OPEC + non-OPEC exporters agreed to cut will actually be removed from the market. Traders were offered bullish statements from Saudi Arabia and Iraq midweek affirming that they are prepared to meet their ends of the supply cutting bargain and most analysts expect the group to perform on at least 50 percent of the agreed upon reductions. Normally this would have injected bullish momentum into the market but bearish news on the return of two previously shut in oil fields in Libya kept a lid […]