Investing.com – Next week, oil traders will pay close attention to comments from global oil producers to assess their readiness to cut production after prices have suffered their sixth weekly loss in a row.
Global oil prices have lost about a quarter of their value since early October, in what has become one of the biggest declines since the price collapse in 2014 with rising supply and the specter of faltering demand scaring investors.
Ministers of the Organization of Petroleum Exporting Countries (Opec) meet on December 6 in Vienna to decide on production policy for the next six months.
OPEC officials have been making increasingly frequent public statements that the cartel and its partners will begin to withhold crude oil in 2019 to increase supply and sustain prices.
Saudi Arabia, de facto leader of OPEC, wants the cartel to cut output by about 1.4 million barrels per day (bpd), according to recent reports.
On Friday, futures again closed steady after data showed US energy companies added oil rigs for the fifth time in six weeks, keeping the number of probes at their highest level in three years.
Oil explorers added five to the active probes the week ended November 16, bringing the total to, the highest level since March 2015, oil services company Baker Hughes said in his report closely followed on Friday.
The US futures contract ended Friday's session at $ 56.68 a barrel at the close of the New York Mercantile Exchange trading session, below the previous level of $ 58.
During the week, the WTI lost 6.2%, recording its sixth consecutive weekly decline.
Meanwhile, the global benchmark maturing in January on the ICE Futures Exchange in London earned 14 cents to end at $ 66.76 a barrel.
Lost about 4.8% for the week.
Looking ahead, new weekly data on US crude oil stocks to measure the strength of demand in the world's largest oil consumer and the speed with which output levels will continue to rise will catch the market's attention.
The US Energy Information Administration (EIA) said in its weekly report that crude oil inventories rose for the eighth consecutive week, while output rose to another record.
Before the coming week, Investing.com compiled a list of these and other significant events that could affect the oil market.
Tuesday, November 20
It should publish its weekly update on US oil supply.
Wednesday, November 21
The Energy Information Administration will release its weekly report on oil inventories.
Thursday, November 22
Financial markets in the US will be closed for the holiday of Thanksgiving.
Friday, November 23
Baker Hughes will release weekly data on sonar count in the USA.