“According to the IEA’s calculation, at the current level of OPEC production there will be no global stock draws next year,” said Olivier Jakob, managing director of consultants Petromatrix GmbH in Zug, Switzerland. “If the IEA is right, then markets will continue to trade in the narrow” price band seen recently.

Link to the article: http://www.bloombergquint.com/markets/2017/10/12/oil-halts-gains-near-51-on-signs-u-s-crude-stockpiles-expanded