Oil Snoozes After OPEC Jolt as Market Awaits Supply Cut Proof
- Measure of volatility last month averaged lowest since 2014
- OPEC monthly crude report scheduled for release on Feb. 13
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The oil market’s drifting in snooze mode as investors await evidence of global supply curbs aimed at easing a glut.
A measure of oil volatility last month averaged the lowest in more than two years and futures in New York have been stuck between $50 and $55 a barrel since OPEC and other producing nations agreed Dec. 10 to reduce output. Price estimates compiled by Bloomberg show crude will average $52 during the first quarter this year, rising to $58 in the last three months of 2017.