Oil has not yet been able to restore its position after the OPEC summit in Vienna. Brent crude futures again were below $51 per barrel, U.S. West Texas Intermediate is trading below $49.
Today, pressure on oil quotes is exerted by news about the growth in oil production volumes in Libya. Although the influence on the part of Libya may be temporary, because military conflicts in the country prevent uninterrupted operation of the oil industry. There are also persisted concerns over the growth of crude oil production in the United States. Therefore, much attention will be paid to changes in oil and oil products in US storage.
The hope for reducing inventories is the seasonal factor, in America is the car season, which increases the demand for fuel and other oil products. If this helps reduce inventories, the black gold prices will return to growth.
The US Dollar Index recovery is also given with difficulty. But in the coming days, are coming out the statistics, which in case of positive results will give the dollar long-term support. In this case, market participants will observe again the phenomenon, when the US dollar and oil quotes are simultaneously growing.