Today's trading session in the oil market is characterized by a weak dynamics of quotations. Most investors are still under the impression of the latest data on the volume of raw materials stored in the US and strong support for the cartel regarding the extension of the OPEC + 11 agreement.

By the beginning of the trading on the European exchanges, the futures contracts for the Brent Crude Oil have been appreciated to the mark of $ 58.16 per barrel, which means an increase by 0.02%. The futures for the WTI light Crude Oil have gone in the red at 0.06%, having depreciated to the level of $ 52.01 per barrel.

Brent Crude

WTI Crude Oil

According to the latest reports of the Energy Information Administration, the volume of oil in the US storage facilities fell by 5.73 million barrels to the level of 456.49 million last week. The experts of the Energy Information Administration have expected that the depreciation would reach 4.2 million barrels. In addition, according to the official data, the raw materials extraction volume in this country has fallen to 8.4 million barrels per day (-11%). The investors have noted the fact that this has been the weakest result since the beginning of the summer of 2014. Undoubtedly, such a weak statistics proves how catastrophic have been the hurricane season consequences of this year.

The Binary Options Market traders should not lose sight of the fact that the cartel's members have mostly accepted the news about the possibility of extending the terms of the OPEC + 11 agreement (Oil Cut Deal) by the end of 2018. In addition, the President V. V. Putin has also spoken in favor of such a scenario. The position of Russia is likely to be supported by Venezuela, which is desperately seeking to replenish the treasury with petrodollars.

In addition, the oil transit from the autonomous Iraqi province of Kurdistan can be suspended at any time by Turkey, which intends to react toughly to the proclamation of the independence of this region. Besides, the USA President, D. Trump, threatens the resumption of the sanctions regime against Iran, due to the possible violation of some paragraphs of the Joint Comprehensive Plan of Action (JCPOA).

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