Oil rangebound, WTI tied to $51.00 as markets weigh Middle East cuts

• Crude barrels holding steady as investors ease up for now.
• Middle East mentions of production cuts have taken a serious turn.

Crude oil markets have found themselves largely flat this week, with oil prices fresh off of a seven-week bearish snap, and barrels could  see the week closing up, or at the very least, flat for the first time in eight weeks.

US, Saudi, and Russian oil production levels all remain near record highs, threatening to continue piling into already-bursting supply lines, suppressing oil prices as everybody tries to pump the most oil out of the ground.

Saudi Arabia recently tried to lead a charge into the next OPEC meeting of everyone banding together and heading off production levels in an effort to counteract collapsing oil prices, but Russia and other key oil allies have failed to dedicate to Saudi Arabia’s plan of constraining production unilaterally, causing Saudi Arabia to withdraw their initial claims of drawing down no matter the costNikkei

WTI Technical Levels