On Friday morning, the price of Brent crude oil (November futures) increased to $ 49.8 per barrel and from that level began to decline, currently per barrel of Brent offer $ 49.1. The price of WTI with delivery traded at $ 47.2 per barrel in November.
The reason for the positive in the oil market is on the surface - this is the outcome of a meeting of OPEC members in Algeria. Oral agreement on reducing the production of the cartel on the 700 th. Barrels could lead to a real reduction of surplus offer, and it pleases investors. Also in its decision of OPEC to be rehabilitated in the eyes of speculators who have practically ceased to believe in the power of the cartel and its ability to affect something.
The written agreement will be recorded only at the meeting in November, but up to this point members of OPEC will try to keep positive in the market, in this regard, we expect that oil prices will hold on until the end of October at the highest elevations, near the level of $ 50-52 per barrel .
Also this week, supporting quotations have data on commercial oil stocks in the United States, which by the end of last week, fell by 1.88 million barrels. Tonight impact on the market can provide data on the number of drilling rigs in the United States, but positive from the meeting in Algiers is so strong that even the negative news from the US will not be able to lower the price too low.
According to the materials of Alpari
