Experts have noted that as of October 25, 2017, the dynamics of oil quotations on Asian trading floors is determined primarily by statistics of the American Petroleum Institute and the US Department of Energy. Also, the mood of the market participants was influenced by the recent statements of the Saudi Energy Minister Khalid al-Faliha, who assured investors that OPEC + 11 is determined to extend the terms of the agreement on reducing the volume of raw materials production (Oil Cut Deal) until the end of 2018.

During the trading session at the Nymex, the December futures contracts for oil of the US WTI Crude Oil has lost 0.10%, sinking to $ 52.42 per barrel. At the same time, during the trading on the ICE Futures Exchange, the barrel of the Brent crude oil benchmark having risen to the mark of 0.14%, to $ 58.14.

WTI Crude Oil (Nymex)

Brent Crude (ICE)

RBOB Gasoline (Nymex)

Today in the morning the statistics of the American Petroleum Institute have been published, according to which the volume of raw materials in the US storage facilities increased by 519,000 barrels. At the same time, gasoline volumes decreased by 5.753 million barrels, while weekly volumes of distillates decreased by 4.949 million barrels.

Closer to the evening, official reports from the US Department of Energy should be received, after publication of which it will be possible to get a complete picture of the situation on the American oil market. Analysts from the government predicted that the volume of raw materials in storage will decrease by 2.5 million barrels. In addition, it follows from the forecasts that the rest positions have been expected to have a more moderate decline.

Oil quotes are now receiving strong support from Saudi Arabia, whose officials at all levels have expressed their support for plans to extend the terms of the agreement on reducing the volume of raw materials extraction to return to 2013-2014 prices. Most large manufacturers support this approach, especially since Saudi Arabia is now holding a series of meetings with the heads of the countries that signed the OPEC + treaty. Recently, the countries participating in the OPEC + pact agreed to extend the terms of the agreement until March 2018.

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