The cost of the “Crude Oil” asset is strengthened during the Asian session of the auction, thanks to circulating rumors about the possibility of extending the terms of the global treaty, which was signed by the members of the OPEC cartel + 11 joining states. In addition, the dynamics of oil quotations will be strongly influenced by the report of the American Petroleum Institute in the near future, from which it follows that the oil reserves in the US have grown quite insignificantly.
By the close of the trading session at the APR trading platforms, futures contracts for the Brent Crude Oil had reached $ 55.39 / bbl, which means an appreciation by 0.45% compared to the yesterday's results. Futures contracts for the light Texas WTI Crude Oil have added 0.77%, reaching the level of $ 49.86 / bbl.

Brent Crude (ICE)

WTI Crude Oil (Nymex)

One of the influential officials of the OPEC cartel told journalists that preliminary discussions are currently under way on a possible extension of the treaty, the main purpose of which is to restore oil and oil prices at the 2013 level. In addition, the possibility of a more significant reduction in the raw material extraction volume is being discussed. The parties have not yet achieved full agreement on these issues, which is not surprising, given the fact that even the current agreement is not being implemented 100 percent.
It should be recalled that the OPEC cartel and 11 countries that are not members of this organization, signed an agreement that provides for the reduction of raw materials production by 1.8 million barrels per day on the eve of the new 2017. The purpose of this agreement is to restore the supply and demand balance for oil, and most importantly, support high prices for raw materials. Subsequently, the parties have managed to extend the contract until March 2018. This week, perhaps, more in-depth negotiations will be held regarding another extension of the validity period, as part of the Vienna meeting of the highest ranks of the cartel and signatory countries.
However, most of the experts of the companies, listed in the Top Binary Options Brokers section, interviewed by us, believe that the chances of extending the contract's validity period are rather low, especially if we carefully study the dynamics of demand for raw materials over the past few years. In addition, the market is sensitive to signals from the US, where every time there is a slight increase in quotes, we see a significant increase in the productivity of shale companies.
The latest statistics from the American Petroleum Institute (API) indicate that the stock of raw materials stored in the US increased by 1.4 million barrels, to a level of 470.3 million last week, while analysts forecast an increase of as much as 3.5 million barrels. For more accurate statistics, one should wait for the official report of the US Energy Information Administration, which will be published today in the afternoon.

Natural Gas (Nymex)

Use accurate official data and do not forget to consult with your binary options broker experts. Open new deals deliberately, follow the strategy and carefully calculate the risks, only so your investments will bring you the expected profit!