White House: We don’t think OEPC production cuts are advisable | Forexlive

• We don’t think cuts advisable given market uncertainty
• We made that clear to OPEC
• US will continue to work with producers and consumers to ensure growth and lower prices for consumers
• Saudi Arabia is still a strategic partner
• We don’t see eye-to-eye on everything with Saudis but remain partners
• We are focused on oil prices, not on barrels

Oil has dipped just below $80 but remained up $4.17 on the day after the OPEC cut. The technicals are key here and oil needs to get above $84 to make a run.