drillwater630121

Oil watched by US dollar and OPEC

     Oil prices are looking new reasons for the growth, torn between the US dollar and OPEC. On the one side, The Organization of Petroleum Exporting Countries with other participants, which have signed an agreement in Vienna November 30, reported about performance of obligations. In January, the words by officials the exporting countries about output cuts of black gold perceived just like verbal interventions because the market participants had doubts about the implementation of the agreement.
 
     But the records of S&P Global talking about the implementation of the agreement of OPEC by 91%, that increases chances of oil prices to further growth. The American Petroleum Institute report caused decrease price of the black gold, but official report of the EIA oil quotes ignored.
 
     On the other side, the US dollar started to recover. Donald Trump announced that soon he will offer “phenomenal” plan for tax cut, it could accelerate greenback growth, because it will provide significant support for the US dollar in the near future.
 
     Till now oil prices held back pressure from the US dollar, but in the case his further growth that will be harder.