oilDr820121

Oil looking for support

 
     After significant growth of the oil quotes in recent days, Brent was noted above $53 per barrel, WTI remains above the round level of $50, prices began to roll back. Is it a simple correction or an increase of the black gold prices has dried up, many market participants asking this question?
 
     In Libya, production at the largest field was restored, but military conflicts in the country adding more uncertainty and force majeure on the market, and has not significant influence to the overall picture of supply and demand in the oil market. But other exporting countries OPEC and non-OPEC that participate in the Vienna agreement support oil quotes, improving performance in fulfilling their obligations.
 
     The fears of market participants about the growth of oil production in the US are reduced. Baker Hughes continues to report about the increase in the number of active drilling rigs in North America. But the trend of growth of oil and oil products in storage begins to change to the opposite direction. The demand for finished petroleum products growing in the United States, this could reduce pressure on oil quotes, if tomorrow the US Energy Information Administration confirms this information with an official report.