Official data about the reduction of Crude Oil Inventories in the US storage from the US Energy Information Administration in the amount of 5.2 million barrel were much more than modest expectations of almost 2 million barrel. This news gave impulse to oil quotes, after which Brent has become above $50, US West Texas Intermediate almost reached the mark of $48.
But not worth counting on that the upward movement will receive a continuation. Gasoline in the United States declined not significantly, and increase of oil production is continues, so the effect of the EIA report may have a temporary impact and may soon come to naught.
Besides the US, oil production in Nigeria is growing, in Libya the volume of production exceeded 800 thousand barrel, according to the latest data, Saudi Arabia also increased volumes. At the same time, the situation with the prolongation of the OPEC + agreement remains uncertain. Although speak out assumptions that the agreement may be extended for 2018, but unclear agree exporting countries will continue to try regulate prices in the oil market to the detriment of themselves, and giving others use their work.