Oil quotes continue to update monthly highs. Brent crude again marked above $56, West Texas Intermediate crude is trading higher $53 per barrel.
The oil prices have several reasons to continue their strengthening. In the US, is expected a season of vacations, during this time period oil inventories in storages always decline, due to the increase in demand for finished petroleum products.
OPEC meeting is approaching, at which will be discussed the prolongation of the agreement of cut volumes production by the exporting countries. As is known at this moment, the Vienna agreement performing is almost 100%, and according to some data it even exceeds these values. Besides, Libya again announced about the halt in work of the oil pipeline, which was launched recently. Instability of the situation in the country doesn’t allow it to significantly influence the oil market.
Another reason for the rise of black gold prices is the fears of market participants about the likelihood of further escalation of the conflict in the Middle East. If the military conflicts in Syria will continue, it can lead to new interruption in supply of crude oil. Till the situation cleared up oil quotes have every chance to be at even higher levels.