Related: Top 34 Oil ETFs

The latest production cut came as a surprise to many oil analysts as initial estimates were slated at 1 million barrels per day and 650,000 barrels per day for OPEC. Russia, though a non-OPEC member, has emerged as a major player in the negotiations, particularly when discussions got tense between rivals Saudi Arabia and Iran.

“ohn Kilduff, founding partner at energy hedge fund Again Capital, sees Brent’s breakout levels closer to $66.25 and thinks WTI will snap resistance around $56. He is looking for Brent to close out the week above $65 and WTI to settle above $55,” reports CNBC.

For more information on the energy sector, visit our energy category.

Subscribe to our free daily newsletters!
Please enter your email address to subscribe to ETF Trends' newsletters featuring latest news and educational events.