During the Friday’s trading session, the oil quotations have demonstrated the investors’ uncertainty, who are guided by opposite signals. On the one hand, the price of the Brent Crude Oil barrel rises against the backdrop of news about the possibility of extending the OPEC + 11 contract (Oil Cut Deal); on the other hand, the USA WTI Brand Crude Oil is losing its position, despite the works restoration at the Texas State refineries.
The futures contracts for the Brent Crude Oil have added 0.03%, gaining a foothold at the mark of $ 57.43 / bbl. The futures contracts for the USA WTI Brand Crude Oil have been in the red at 0.21%, dropping to the level of $ 51.45 / bbl.

Brent Crude (ICE)

WTI Crude Oil (Nymex)

The OPEC cartel and 11 oil-exporting countries are close to an agreement on the extension of the global pact (Oil Cut Deal), which is designed to restore the balance of supply and demand of raw materials on the world market. The main objective of this agreement is to return to oil quotations at the 2013 level. Some experts believe that even a regular extension cannot lead to the long-term price recovery, since shale companies will not miss the opportunity to raise the extraction of raw materials if the price of a barrel increases.
Some influence on the state of the global oil market may be blocked by the raw materials export from the autonomous Iraqi province of Kurdistan. The market can also come alive after the full recovery of the raw materials processing at the refineries in Texas, which have suffered from the devastating Harvey hurricane.
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