In recent days, oil quotes and the US dollar are strengthening together, and such an event is becoming habitual in the market.
Black gold prices went up, inspired by the likelihood of an early reduction oil reserves in the US storages. The signal for this hope was a sharp decrease quantity of gasoline by 3.75 million barrels last week. The increase in demand for fuel may lead to an increase in the processing of raw materials, which will exceed the rate of production of American oil companies.
OPEC and other exporting countries participating in the agreement to cut oil production, for their part, also support oil quotes. According to the latest data, the implementation of the agreement this time increased to 95%.
The US dollar using positive statistics for its growth. The level of consumer confidence from the Conference Board unexpectedly rose to the 2000 levels. Pending Home Sales were higher than expected. GDP insignificantly, but also increased, adding positive to the overall picture of statistics.
If today’s data from the US will be in the green zone, greenback will be able to continue its strengthening, but the rise of oil prices could slow down after the report of Baker Hughes about the increase of new active drilling rigs.