Crude Oil Fundamental Analysis

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US crude oil prices climbed higher for a second day on Tuesday (28/02) in the Asian session, supported by a high compliance within OPEC production cuts despite an increase in US production still continues to limit price increases.

 

Organization of Petroleum Exporting Countries (OPEC) has so far surprised markets by showing a record of compliance with production cuts, and could increase in the coming months with a member who has been slow as the United Arab Emirates and Iraq pledged to catch up quickly with their targets.

 

Crude futures West Texas Intermediate rose 11 cents, or 0.2 percent, to $ 54.16 per barrel. While the price of Brent crude oil futures added 18 cents, or 0.32 percent, to $ 56.11 per barrel. For this month, US crude oil rose 2.6 percent after falling in January, while Brent oil has risen slightly.

 

By agreement, OPEC agreed to curb output by 1.2 million barrels per day (bpd) from January 1, the first cut in eight years. Russian and 10 non-OPEC producers agreed to cut by about half.

 

US manufacturers boost crude output to more than 9 million barrels per day during the week ended February 17 for the first time since April 2016 as energy companies look for more oil, according to federal data.

 

US drillers added five oil refineries in the week to February 24, bringing the total number of 602, the highest since October 2015, the energy services company Baker Hughes on Friday.

 

Analysts estimated that crude oil prices for the next trading optimism may rise if production cuts continue to rise. But the increase in US production still looming price increases. Crude oil prices potentially move in the resistance range between $ 54.70- $ 55.20.

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Crude oil prices rose on Friday (03/03) as the dollar began to back away from multi-week highs, but prices are still restricted sentiment that Russian oil production unchanged for February, signaling a weak adherence to a global deal to cut supplie. The dollar slipped from a seven-week highs against a basket of currencies.

 

WTI crude oil futures prices rose 0.17 percent, to $ 52.70 a barrel after falling on Thursday to its lowest level since February 9. Brent crude futures rose 10 cents, or 0.18 percent, to $ 55.18 per barrel.

 

Russian oil production in February unchanged from January at 11.11 million barrels per day (bpd), energy ministry data showed, with the cutting of the level of October 2016 remains at 100,000 barrels per day or one third of what was promised by Moscow under an agreement with the Organization Petroleum Exporting countries (OPEC).

 

Official US data also showed that crude oil inventories in the world's biggest oil consumer rose for the eighth consecutive week to a record 520.2 million barrels last week. But even as US oil production rose and Russian production steady, OPEC boosted by strong adherence to the agreement of the group six months to 94 percent, with the reduction in production for a second month in February, a Reuters survey stated.

 

It estimated that Crude oil prices for the next session trade may rise if the US dollar continues to weaken. Likewise, if a higher compliance sentiment came to OPEC production cuts, will raise the price.

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Crude oil prices declined on Tuesday (07/03), after the International Energy Agency (IEA) estimates that the growing US shale production of approximately 1.4 million barrels per day in 2022. 

 

US crude oil futures price of West Texas Intermediate slipped 6 cents, or 0.11, at $ 53.14 a barrel, after ending 13 cents in the previous session. While, brent crude oil futures prices fell 9 cents, or 0.16 percent, at $ 55.92 per barrel, earlier rose 11 cents to $ 56.01 per barrel.

 

Oil demand will also increase over the next five years, crossed the level of 100 million barrels per day by 2019 and reach 104 million barrels per day in 2022, driven entirely by the developing countries, the report added.

 

Concerns over rising US shale oil production has been offsetting the impact of production cuts agreed by the Organization of Petroleum Exporting Countries (OPEC) and some non-OPEC members to curb excess global supply of crude oil.

 

Russia and Iraq, on Monday said it was too early to discuss if the pact OPEC and non-OPEC members should be extended beyond May. The average oil price is expected to be lower in the next 10 months of this year than in January and February due to the recovery of US drilling activity, Fitch Ratings said in a report Monday.

 

Crude oil prices will move if the weak US dollar continue to strengthen. Likewise, if the concerns of non-compliance agreement production cutbacks and increased US production continues to rise, will depress prices. Crude oil prices potentially move in the support range of $ 52.60- $ 52.10

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Crude oil rose at the end of late Saturday morning trade (20/05), the price rise for 2 weeks based on the expectations of OPEC and other producer agreements where next week to extend crude output cuts.

 

U.S. crude futures prices ended up 98 cents or 2% and was first above $50 in more than four weeks. Brent crude oil futures rose $ 1.10, or 2.1 percent, to $ 53.61. Both benchmarks slipped back from session highs after a report that the US energy company. Adding another oil refinery in the last week.

 

Energy services company Baker Hughes said the U.S. driller Adding an oil refinery for the 18th consecutive week, the second longest decline of recorded weekly gain. US crude oil prices soared this week by about 3 percent, largely supported by Saudi Arabian and Russian agreements to extend further production cuts until March 2018 and a decline in US weekly supply as reported by EIA.

 

Analysts expect crude oil prices to rise with optimism of an advanced production cut deal between OPEC members and other producers. But Hassan Rouhani's victory in Iran's presidential election could provide a bearish sentiment on Iran's supply increase. Crude oil price is expected to move within the Resistance range of $ 50.80 - $ 51.30

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Crude oil prices rose on Monday (12/06) supported by bargain hunting as traders predicted that the market may have hit bottom after recent sharp declines, although the physical market remains swollen by oversupply, mainly from the rise in U.S. drilling.

 

West Texas Intermediate (WTI) was at $ 46.08 a barrel, up 25 cents while Brent crude futures traded at $ 48.43 a barrel. Traders said that rising prices were behind speculative traders who raised their investment to crude oil prices, taking a large number of long positions, which would benefit from further price increases.

 

The soaring U.S. product. Undermining efforts led by the Organization of Petroleum Exporting Countries (OPEC) to reduce production by nearly 1.8 million bpd through the first quarter of 2018 to tighten markets and shore up prices. Analysts expect crude oil prices to potentially rise if bargain hunting continues. But concerns over US and global production increases, as well as an increase in the US dollar if it continues can push prices.

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Crude oil prices rose in Asian trading this Thursday for the first time in three days after crude and U.S. fuel oil supplies down, but investors are looking for more signs that production cuts by OPEC and some other producers could end a glut for three years.

 

U.S. crude futures prices rose by around 0.07 percent, to $ 42.56 a barrel. On Wednesday, WTI ended at $ 42.53, having touched its lowest intraday level since August 2016. Brent crude futures 0.02 per cent higher, at $ 44.83 a barrel, after falling 2.6 per cent in the previous session.

 

Since peaking in late February, crude oil has fallen by about 20 percent, with only a brief rise, completely erasing an increase by the end of the year after OPEC-led production cuts.

 

Analysts expect crude oil prices to rise with bargain hunting and sentiment for a weekly drop in US supply. But fears of an increase in global production are still a bearish sentiment. Crude oil is expected to move within the resistance range between $ 43.10- $ 43.60.

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Crude oil prices rose more than 1 percent on Monday (26/06) in Asian session helped by a weaker US dollar, but the increase in U.S. drilling activity Fueling concerns that an increase in global supply will continue despite efforts by OPEC to limit production.

 

U.S. crude oil futures West Texas Intermediate (WTI) rose by 1.12 percent, to $ 43.49 a barrel. Meanwhile Brent crude futures rose by around 1.12 percent, at $ 46.05 a barrel. Analysts said oil prices rose as investors closed short positions, but there was little fundamental news supporting prices.

 

Although oil prices have rebounded from 10-month lows, they have still fallen about 13 percent since the end of May, when the Organization of Petroleum Exporting Countries (OPEC) and several other manufacturers agreed to extend the deal to reduce production by 1.8 million barrels Per day (bpd) until the end of next March. But crude supplies in the United States, which are not part of an OPEC-led deal, have reduced the impact of cuts.

 

Many analysts expected that Crude Oil will rise if the weakening of US dollar continues. But fears of an increase in global production are still a bearish sentiment. Crude oil price is expected to move within range of Resistance from $ 44.00 to $ 44.50

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Crude oil futures fell on Asia session after a report on an increase in U.S. fuel inventories. This report prompting fears that the surplus of crude oil for three years is still difficult to reduce.

 

U.S. crude futures prices West Texas Intermediate (WTI) fell around 18 cents, or 0.41 percent, towards $ 44.06 a barrel. While, Brent crude oil futures were at $ 46.58 per barrel, it seems fall down 7 cents, or 0.15 percent.

 

Oil has recovered some points over the past week after falling nearly 20 percent since mid-May, but a report by the American Petroleum Institute showed that US crude inventories increased by 851,000 barrels in the week to June 23 to 509.5 million, compared with analyst estimates. Expectations fell 2.6 million barrels. Prices fell despite an ongoing effort by the Organization of Petroleum Exporting Countries (OPEC) to cut output by 1.8 million barrels per day (bpd) between January 2017 and March 2018.

 

Tonight will be released US weekly inventory of crude oil data by EIA which indicated a decline. Analysts expect crude oil prices to remain weak on the back of an increase in US weekly crude inventories as the API reports. However, if the weakening US dollar continues, and tonight weekly inventory data will fall, it will lift price.

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Crude futures prices mixed after hitting a two-week high in late Friday trading (30/06), after Goldman Sachs and Barclays downgraded oil prices forecasts. The mixed move was also triggered by sentiment in US weekly supply cuts offsetting increases in global production.

 

US West Texas Intermediate (WTI) crude futures rose 19 cents, towards $ 44.93 a barrel. WTI earlier posted an intraday high of $ 45.45, as a two-week high. Brent crude futures fell around 7 cents to $ 47.24 a barrel, having touched a two-week high at $ 48.27 in the previous session.

 

Goldman Sachs and Barclays have reduced their crude price forecasts for 2017. Goldman, on Wednesday, cut its forecast for US crude for the next three months to $ 47.50 a barrel from $ 55.

 

The decline in US crude oil production has temporarily eased concerns about oversupply. Crude oil prices slipped to the lowest level in 10 months last week but have since rebounded more than 7 percent, stretching to the longest since April.

 

Analysts at investment bank Goldman Sachs said the rise in production of Nigeria and Libya, as well as a rise in U.S. shore oil drilling, would slow the withdrawal of crude oil inventories. Analysts also expected crude oil prices to move higher and to move within the resistance range between $ 45.50- $ 46.00.

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Crude oil prices fell in late trade on Friday morning (21/07) due to concerns about surging global crude supplies dragged prices lower after an initial rally pushed Brent above $ 50 a barrel for the first time since early June.

 

U.S. crude futures prices of West Texas Intermediate (WTI) ended down 33 cents, or 0.7 percent, at $ 46.79 a barrel. While Brent crude futures prices, an international benchmark for oil prices, fell 39 cents at $ 49.31 a barrel.

 

Traders expect prices to stay near current levels ahead of Monday's meeting between major OPEC and non-OPEC producers in St. Petersburg. Petersburg, Russia. Oil prices also fell in line with other risky markets in mid-morning after Bloomberg reported that Robert Mueller, who was appointed the special adviser to investigate allegations of interference of Russia in the 2016 election.

 

Analysts expect crude oil prices to rise if the weakening US dollar continues until the next session, but fears of an increase in global supply are still looming for this precious commodity. The price of crude oil is expected to move within the resistance range between $ 47.30- $ 47.80.

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Today crude oil prices hit a two-month high, lifted by the increasingly tightening US crude market and the threat of sanctions against one of Venezuela's OPEC members.

 

West Texas Intermediate (WTI) surged more than $ 50 per barrel on Monday and was at $ 50.02 per barrel, still rise about 25 cents, or 0.5 percent from its recent close. That means that almost all of WTI's bullish curves have moved more than $ 50 per barrel.

 

Crude prices have risen about 10 percent since the last meeting of prominent members by OPEC and other major producers, including Russia, when the group discussed potential measures to further tighten the oil market.

 

Furthermore now sellers are seen trying to steal opportunities when crude oil prices move near weekly resistance at $ 50.20. The price then moves down to $ 49.64, but there is still some room to a strong support. The bullish trend of commodity prices is still stable and now on the intraday framework seen a strong support that prop up at $ 49, 35.

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Crude oil rose at the end of trading late Thursday after a report of a drop in US crude inventories, despite a surprise jump in gasoline supply limiting price hikes.

Where West Texas Intermediate (WTI) crude oil futures ended rise to $ 49.56. Brent crude futures rose 55 cents, or 1.1 percent, to $ 52.69, after two days of declines.

 

U.S. crude oil inventories Down by 6.5 million barrels last week, government data showed, steeper than forecast a drop of 2.7 million barrels. Refineries process nearly 17.6 million barrels of crude oil, surpassing records in May and the most during the week since the US Department of Energy began storing data in 1982.

 

Data showed gasoline supplies rose 3.4 million barrels, surpassing expectations in a Reuters poll for a 1.5 million barrel decline. Gasoline futures dropped about 1 percent to the lowest level in almost two weeks.

 

In addition, the Organization of Petroleum Exporting Countries, Russia and other producers cut production by about 1.8 million barrels per day (bpd) from 1 January to March 2018. The agreement has supported prices but production recovery in Libya and Nigeria, OPEC members freed from cuts , Has complicated the effort.

 

Analysts expect crude oil prices to potentially rise helped by a drop in US weekly supplies. But concerns of an increase in exports and OPEC production are still a bearish bearish looming. Crude oil prices are expected to move within the range between $ 47.10- $ 47.60.

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Crude oil prices fell in late trading early on Friday, owing to fears of global oversupply as Russia is considering an upcoming production return and OPEC raised July output.

 

Russian oil producer Gazprom Neft considers it "economically viable" to resume production in mature fields after a global agreement between OPEC and non-OPEC ends, the company's representative said.

 

OPEC on Thursday raised its oil demand outlook in 2018 and reduced its forecast for output from competitors next year, although another increase in group output said that the market will remain a surplus despite efforts to curb supply.

 

OPEC said its oil production rose about 173,000 barrels per day in July to 32.87 million barrels per day, led by Saudi Arabia's top free and exporter, citing figures collected from secondary sources.

 

Analysts expect crude oil prices to potentially rise if the weakening US dollar continues. But concerns of an increase in exports and OPEC production are still a pretty much bearish. Crude oil prices are expected to move within the resistance range between $ 47.10- $ 47.60.

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Oil prices tumbled to a three-week low before trading late Monday to Tuesday morning. The reason came to a report that demand for oil from China slumped in July, while rising US and OPEC output rises continue to weigh on the market.

 

On the New York Mercantile Exchange (NYMEX), crude oil futures for September delivery sank to $ 47.59 last night, though as news released slightly crept up to $ 47.66 per barrel. Meanwhile, at Intercontinental Exchange (ICE) London, Brent crude plunged about 2.76% to $ 50.67, and is now only able to scoop up to $ 50.81 a barrel.

 

National Bureau of Statistics (NBS) data show that crude oil demand from Chinese refiners dropped by 500,000 barrels per day (bpd), or minus 4.4% in July from the previous month to a total of 10.71 million bpd. The daily operating rate of refineries in this country's largest oil consumer is at its slowest in the past ten months, or exactly since September 2016

 

The sharp decline was allegedly caused by the slowing pace of China's economic expansion last month, as manufacturing and investment outputs began to ease amid energetic government activity to cool the property market, promote green development, and reduce leverage in financial markets.

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Oil prices closed slightly better on Tuesday in the United States after falling due to a strengthening US dollar and signs of weakening demand in China.

 

Quoted by Reuters, fluctuating US dollar exchange rate against several currencies pressing oil prices. Therefore, the strength of the dollar makes dollar-denominated oil prices more expensive than other currencies. Meanwhile, some investors had turned their attention to gold and oil yesterday as tension between the US and North Korea increased.

 

Amid the various sentiments, it seems that Brent prices remained a thin gain about $ 0.07 per barrel to the next level at around $ 50.8 per barrel. Meanwhile, US crude oil prices fell $ 0.04 per barrel towards $ 47.55 per barrel.

 

Meanwhile, market participants are awaiting a report on oil inventories from the American Petroleum Institute (API) at 4:30 pm and the official Energy Information Administration (EIA) data Wednesday.

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Oil prices slumped at the end of trading on Wednesday, although previously had crept up following reports that oil inventories in the United States decreased. The reason, at the same time rumors that US oil production again set a record high.

 

When the news was written Thursday morning, the price of Brent oil that became the international benchmark was at $ 50.47, or just rise around 20 cents, after last night dropping more than 40 cents. The West Texas Intermediate (WTI) remained at $ 46.89, after plummeting around 77 cents to $ 46.78 a barrel overnight.

 

Oil inventories data released by the Energy Information Administration (EIA) showed a drop in US commercial crude oil inventories at 466.5 million barrels or has been reduced by 13% from the high level achieved in March. Some market participants say that rising US oil output is eroding the effects of OPEC countries' efforts with a handful of other oil producers to limit their production.

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Oil prices tend to stabilize at high levels in early trading on Monday morning (21 / August). At the end of last week, drilling data from Baker Hughes indicated the possibility that the rate of increase in crude oil production in the US would begin to slow.

 

At the end of the American trading session on Friday, benchmark oil prices jumped 3 percent. This morning, Brent crude traded around $ 52.68 a barrel, down just 3 cents from its previous closing price. While West Texas Intermediate (WTI) held in the $ 48.50 range, it dropped 1 cent from its closing price.

 

The rapid rise in oil prices came following the release of two important data from the United States. First, data oil inventories published by the US Energy Information Administration (EIA) showed a 13 percent drop from March highs, to a total of 466.5 million barrels. Second, the number of oil drilling rigs in the Baker Hughes data declined from 768 to 763 in the weekend period of August 18.

 

In a note to clients, the US multinational Citi said, "Although bearish sentiment has finally reversed, investor positions appear tense on both sides (long and short), indicating no strong confidence in the oil market today."

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Oil prices observed volatile in the trading session on Friday morning (25 / August). Market participants are busy estimating how the impact of Harvey storm is now moving toward Texas, right in the heart of the US oil industry.

 

According to the Dallas Morning News report, energy companies have temporarily shut down their oil and gas facilities in the Gulf of Mexico after it was reported that Harvey storm categorized 3 (major hurricane) will arrive on the Texas coast on Friday night or Saturday morning local time, accompanied by heavy rains and Flash floods. Among these companies are Anadarko Petroleum Corp., Exxon Mobil Corp., and Royal Dutch Shell Plc.

 

The West Texas Intermediate (WTI) oil price was at $ 47.76 per barrel, up 0.67% from its previous closing price. Brent oil, which is the international benchmark price and not mined in the US, was at $ 52.44 a barrel, rise around 0.73%.

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The Harvey storm, which was originally estimated to include a third category hurricane, fell on the Texas coast as a category four hurricane. As a result, the big flood drowns about eleven percent of the US oil refining capacity and a quarter of US oil production from the Gulf of Mexico, as well as forcing the closure of ports along the Texas coast.

 

Brent Oil futures prices opened this morning soaring, and when news was written, it had risen 0.25% to around $ 52.56 a barrel. In addition to Hurricane Harvey, the price of oil is also driven by Baker Hughes's recent report that there is a decrease in the amount of oil drilling rigs in the US as much as four to a total of 759.

 

However, West Texas Intermediate was minus 0.33% from its closing price last week to $ 47.70. There has been no announcement, but rumors suggest the US Federal Government may release petroleum deposits or refined products from the Strategic Petroleum Reserve (SPR) which holds nearly 680 million barrels of oil, to prevent a spike in domestic prices.

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Oil prices fell to as low as $ 46.17 on Wednesday as the closure of the refinery caused by Harvey storms has reduced US demand for crude oil, the most important raw material for the petroleum industry.

 

ANZ Bank said that severe flooding caused by tropical storm Harvey has affected the capacity of the refinery, due to the demand for crude oil, with the largest refinery in the US currently operating only about 60% of its capacity.

 

The largest oil refinery in the United States, operated by Motiva Enterprises, was shut down on Tuesday night due to floods caused by Harvey in the Port Arthur plant in Texas that produced 603,000 barrels per day.

 

Hurricane Harvey had attacked the US Gulf last Friday. Although its storm has gone downhill, yet the ongoing heavy rains have flooded refineries in Texas and Louisiana, the heart of the American oil industry.

 

At least a capacity of 3.6 million barrels per day has stopped in Texas and Louisiana, or nearly 20% of US total capacity based on company reports and Reuters estimates.

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Oil prices fell again in the morning trading session Thursday due to the prolonged Harvey Storm caused the largest refinery factories of the United States closed since the beginning of the week. On the other hand, the decline in petroleum stocks in the US Energy Information Agency (EIA) data, failed to push up prices.

 

The closure of the refineries resulted in the price of US Gasoline futures contract (RBc1) rising above the two-year high at $ 1,935 per gallon. However, the price of crude oil actually fell with West Texas Intermediate (WTI) trading down 0.3% to $ 45.84 per barrel from the previous closing price, and Brent slipped 0.4% to $ 50.67 per barrel.

 

The problem is that closing refinery factories are the biggest consumers of petroleum in the US, so the closure is expected to result in a decrease in demand for crude oil. Meanwhile, data from the US EIA published last night showed that commercial petroleum stockpiles fell by 5.39 million barrels last week, to a total of 457.77 million barrels.

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Petroleum prices have been steadily rising since Tuesday to Friday after three more hurricanes hit the United States after Hurricane Harvey paralyzed Texas last week. When the news was released, Brent was in the range of $ 54.67 per barrel, the highest since April. While West Texas Intermediate (WTI) tends to flat around $ 49.20 per barrel which has been several times achieved since August.

 

Although predicted not so affect the installation of oil and gas in the US, but the market continues to monitor the impact that may be posed by these three storms in the future. Moreover, as Harvey, Katia is projected to reach the Gulf of Mexico, where many US offshore oil mines are located

 

The latest US stockpile crude oil report from the Energy Information (EIA) agency showed an increase of 4.6 million barrels to a total of 462.35 million barrels. The refinery fell 16.9 points to a total of 79.7% last week, the lowest since 2010.

 

On the other hand, US oil production was also hit, with output pressed down from 9.5 million bpd to 8.8 million bpd. At a glance, terminal closures and refineries along the coast, as well as poor conditions in the Caribbean sea, affect oil deliveries in and out of the US.

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Oil prices had plummeted on Friday, due to the slow recovery of refinery activities in the US after Hurricane Harvey. However, the market rebounded after news of Saudi Arabia's energy minister Khalid al-Falih negotiated an extension of deals cut in oil output with Venezuela and Kazakhstan.

 

WTI is trading at $ 47.85, and Brent has climbed up to $ 54.00 per barrel. However, late Friday's trade became a gray period for the oil market. On the New York Mercantile Exchange (NYMEX), futures contract futures for October delivery fell more than 3% to $ 47.48 a barrel, while at Intercontinental Exchange (ICE) London, Brent slid 1.34% to $ 53.76 a barrel.

 

Although, analysts think that this condition is only temporary. In turn, the fall in the price of petroleum weighed down drilling activity. According to the latest press report from Baker Hughes, the number of oil drilling rigs active in the US fell by 3 to a total of 756, last week.

 

Earlier, it was noted that OPEC and other oil producing countries, including Russia, had agreed to cut output by 1.8 million barrels per day (bpd) by March 2018 to shrink global oil inventories and boost prices.

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Oil prices strengthened Tuesday's gains, with Brent crude reaching a 26-month high, supported by Turkey's threat to curb crude export flows from the Kurdistan region, Iraq to the outside world.

 

London Brent crude for November delivery LCOc1 rose around 46 cents to $ 59.48 a barrel after settling at 3.8 percent on Monday. U.S. Crude Oil for November delivery CLc1 rose 15 cents to $ 52.37, after reaching $ 52.43, a five-month high.

 

Brent's rise meant extending gains for the fifth day in a row, jumping from more than $ 55 a barrel a week ago, as OPEC and non-OPEC producers ensured that the market was on its way to rebalance while oil demand was looking strong.

 

U.S. Crude Oil has been left behind compared to the huge excess supply exacerbated by Hurricane Harvey, which forced the closure of nearly 25 percent of U.S. refinery capacity

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Oil prices moved almost flat in Asian trading this Friday (6 / October), while oil and gas firms closed offshore mines in the Gulf of Mexico ahead of Nate's storm. West Texas Intermediate (WTI) is trading in the range of $ 50.75 per barrel, only minus 2 points from the opening price; while Brent was in the range of $ 56.96, or minus 4 points. Both oil prices are still near the highest level in a week, after had slumped yesterday the day after tomorrow.

 

A number of companies announced the temporary closure of all offshore installations in the Gulf of Mexico and evacuated their staff, including BP Plc, Exxon Mobil Corp., Royal Dutch Shell, Chevron, and Statoil. According to Reuters, about 14.6% of oil production and 6.4% of natural gas production in the Gulf of Mexico have been offline since Thursday.

 

Before the outbreak of news of Hurricane Nate, the price of crude oil was pushed up thanks to news of King Salman's visit from Saudi Arabia to Moscow. Market participants expect him and President Vladimir Putin to discuss an extension of the pact to cut output by the end of 2018.

 

Going forward, market participants will also look forward to the data of oil drilling rigs in the US that Baker Hughes released every Friday night local time. Non-Farm Payroll data from the United States will be observed, because if the results are considered good and encourage the strengthening of the US Dollar, it can impact negatively for the oil market.