Expect the oil gap on Monday

     The markets were relatively calm yesterday, but the oil quotes couldn’t find worthy support and by the end of the day they had surrendered some points. Brent crude oil returned under the $51 per barrel, light WTI was delayed by $48.
     More negative mood prevails in the market of black gold. American shale oil drillers are increasing their production without stopping. Oil reserves in the US storages,  continue to beat records, the number of active drilling rigs grow up, and the volume production reached 9.1 million barrel per day. But case it’s not just the ever-increasing activity of the shale drillers in North America.
     The OPEC+ agreement, which was concluded to regulate the oil market, shows weak efficiency. First of all, not all participants of the agreement conscientiously approached their obligations. Saudi Arabia said on this occasion that it would no longer be to the detriment of itself to save the situation.
     In addition, the exporting countries which free from the reduction production have increased their power. That is, from the oil market are gone much less volumes than planned in the cartel.
     But next week oil quotes can be supported by the OPEC monitoring meeting, which will take place this weekend. In general, the evaluation of the implementation of the agreement can be positive. And statements about OPEC’s readiness to continue regulate the oil market will allow black gold prices to return to higher levels.