Weekly Fundamentals - Saudi Seeks to Bring Inventory Down to "Normal" Level Via Output Cut. US Shale The Swing Factor

OPEC/ non-OPEC's indication to extend the output cut deal until the end of 2018 sent oil prices higher. While rallying on Thursday and Friday, both benchmark crude oil contracts ended the week lower. Indeed, crude oil prices have extended the rally for three consecutive months, amidst hopes of extension of the deal and geopolitical tensions in the Middle East.

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Weekly Fundamentals - Saudi Seeks to Bring Inventory Down to "Normal" Level Via Output Cut. US Shale The Swing Factor