Oil markets restrained, WTI stuck near $51.00

• WTI remains trapped near lows at the $51.00 level as the week moves sideways for crude.
• OPEC's production cuts are largely being viewed as too little, too late.

Crude oil markets saw an attempt to stage a bullish recovery late Monday, but ongoing market pressures and worries of declining demand continue to keep crude barrels in a defensive posture.

Global stock markets remain weak after several rounds of risk-off action sending the world's major bourses skidding into new lows in recent weeks, and OPEC's planned attempt at a reduction in production levels beginning in January are running up against concerns that the 1.2 million barrel per day production decrease won't be enough to stem the tide of crude barrels pouring out of the US, who has opted to not follow suit with OPEC plans of a cut to production caps.

WTI Technical Levels