After making a first challenge of the key 51.70 resistance level, Crude Oil prices have since reversed to trade lower over the week. The initial downside was fuelled by reports that Iraq is seeking exemption from any OPEC Oil production cut. Iraq informed OPEC officials on Tuesday that it was ready to cooperate in agreeing on a deal on supply cuts to boost Oil prices as long is it could maintain output near current levels. Elsewhere global oil demand has seen steady growth despite an increase in Chinese consumption. The IEA reported that global oil demand is forecast to rise by 1.2mio barrels per day in 2017. ... (full story)