The US dollar got a strong hit. In our opinion, the reaction to the failure of the healthcare reform in the US Congress was weak in the markets. Maybe market participants not yet assessed all possible consequences, and soon we will see further weakening of the US currency.
Negative sentiments continue to prevail in the oil market. The number of active drilling rigs in the US has been growing for last ten weeks and has reached the values of September 11th 2015, and now consist 652 units. Along with this, the volume of production continues to grow, and the reserves of crude oil in US storages setting new records.
But the market has already got used to this news, and even could ignore them, using the meeting of the monitoring committee of OPEC. As expected, the cartel positively evaluated the overall implementation of the agreement. How was noted this time the exporting countries reduced even more volume of production, trying to fulfill their obligations.
In Kuwait was discussed the issue of the prolongation to the agreement, some countries already have expressed their accord, some, particular Russia think that it is too early to discuss this initiative.
Therefore, oil quotes remain in a narrow range, waiting for news from OPEC, which will allow the black gold prices return to higher values.