The first trading week in the new year was marked by positive signals for the global oil market. The quotes for Brent crude oil over the past few days showed the most significant growth since December 2016, which was made possible by the decrease in production by OPEC countries.

According to official statistics, the volume of raw material extraction by OPEC countries, in December 2018, decreased by a maximum in the last two years. In general, OPEC members in December reduced their production of raw materials by 530 thousand barrels per day, to a level of 32.6 million b/d.

We will get more data after the official statistics of the US Department of Energy is published, with data on black gold reserves in the USA. Market experts predict a decline in oil reserves of 1.3 million barrels, but at the same time, an increase of 1.6 million barrels of gasoline reserves, as well as distillates, is predicted.

In the course of trading on the ICE Futures Exchange, futures contracts for the supply of Brent crude oil in March rose by 2.61% or 1.46 p., reaching $57.41 a barrel. February futures contracts for US WTI crude oil on the NYMEX went up by $1.22 or 2.59%, entrenched at $48.31 a barrel.

Brent Crude (ICE)

WTI Crude

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