In our opinion, the Crude Oil will continue to rise in the next period, based on Organization of Petroleum Exporting Countries (OPEC) outlook. OPEC's oil production fell last month, just before the group met in Vienna to extend its output cuts through the end of next year.
The 14 member nations of the OPEC pumped 32.4 million barrels a day in November, down by 133,500 barrels a day compared with October and down 273,000 barrels a day compared with September.
Angola registered the largest cut in production. Its output fell 108,700 barrels a day. Saudi Arabia's production declined 45,400 barrels a day, Venezuela (41,600 barrels a day) and the United Arab Emirates (35,500 barrels a day).