U.S. crude production is at the highest level since 1986 and is on target to exceed 9 million barrels per day. Average price for Brent crude oil is expected to be about $18 a barrel lower next year than previously forecast."
Today oil will take its cue from the dollar. The dollar will move on the European Central Bank Statement that is due. With Japan going quantitative easing crazy, can the European central bank keep pace?
Just days after announcing his resignation as Commissioner of the CFTC, Scott O'Malia was named CEO of the International Swaps and Derivatives Association (ISDA). Swaps only came under the CFTC's jurisdiction during O'Malia's tenure with the passage of the Dodd-Frank Act.
Hydraulic fracturing and horizontal drilling have unlocked shale deposits of oil across the U.S., and drilling efficiencies have helped boost rig yields to record volumes from the Permian to North Dakota’s Bakken play.