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Oil is just bouncing around the $50.00 a bbl. The crude oil reduction by Saudi Arabia was actually shown this month but oil prices didn't really move as before. Is it U.S. production moving markets?

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When Saudi Arabian crude oil exports were proven to be down this month (January), there was a bounce to the oil price, but now it's just moving in the low $50 a bbl.  The U.S. oil producers exported 3 million bbls.  Is it due to refiners not taking sweet crude from the Permian, or the Brent spread?  Or something else.  Global slowdown?  Any ideas?

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