Crude prices trim gains amid production concerns

Crude prices rose today before trimming the gains amid concerns about higher production volumes from Russia in 2017, which would compromise the outlook for prices.
 
U.S. crude futures last traded at $52.72 a barrel, up from the opening of $52.38, with an intraday high at $53.49, and a low at $52.21.
 
Crude's gains come as the dollar swooned, buoying prices according to their inverse relation and carrying them to a week high.
 
Markets suspect that Russia is intent on raising its output in 2017 despite the production deal with OPEC, which dictates a global production cut of 1.8 million bpd.
 
On the other hand, Russia reaffirmed its commitment to the deal, and even expanding on the agreed cuts to ensure the success of the OPEC deal and to stabilize prices.