Siroil053121

Speculators are pushing oil

 
     The last day of the week, oil quotes began with a new impetuous rush to the north. Brent crude reached $56 per barrel, West Texas Intermediate was noted above $53. Oil bulls use any convenient opportunity to drive oil prices as high as possible.
 
     For the growth of black gold prices, undoubtedly helps the implementation of the agreement by OPEC and not OPEC, in which the exporting countries cut production by 1.7 million barrels. In addition, in the US begins the holiday season, at this time the oil inventories in the storages are reduced due to increased demand for gasoline and distillates. Despite the fact that the US Energy Information Administration reported about the growth of oil inventories by 1.56 million barrel, market participants expect to further decrease.
 
     Today, the leap of oil prices was caused by a missile strike by US military forces to the military airbase in Syria. The aggravation of the situation in the Middle East led to decline in production in Syria, and market participants are worried about the further conflict escalation.
 
     But the growth of oil prices can be restrained. Today, as usual will appear the report of Baker Hughes, which may once again show the increase in the number of active drilling rigs in the US, which will pressure on oil quotes.