Market returned to normal condition. The growth of the US dollar ceased to be accompanied by rising oil prices. Yesterday oil price, despite the strengthening US currency, trying to resist decrease, but still fell back to the level of the opening day.
Now till dollar is consolidating, black gold prices are trying to return to growth and for that enough reasons. Whatever what kind data will publish by official records, all recognize OPEC + serious about the Wien Agreement. Someone took the opportunity and made repairs, someone just cut production. Saudis are ready to reduce the volume of crude oil production, just to prove, OPEC is able to regulate the market.
And while remains concerns over the activity of shale drillers in North America, growth in quantity of oil rigs in the United States has not led to a sharp increase in production volumes. Therefore, oil price has a possibility to stay at current levels.
How will finish oil quotes this trading week, will depend on the US dollar. If the information block by labor market data will be released in the green, oil prices growth can be stopped.