Despite the fact, that last week the world oil market showed confidence, the first trading session of the week has begun with a decline in oil futures quotations. Market participants assessed the impact of sanctions on Iran soberly, and also examined the data of the oilfield service company Baker Hughes, from which it follows that US companies are steadily increasing production volumes. The Baker Hughes statistics shows that over the past week, shale companies have increased the number of active drilling rigs to 844 (+9). Such a trend has been continuing for almost two months in a row. According to the Energy Information Administration of the US Department of Energy, the oil production in the USA has reached a historic high of 10.70 million barrels per day.

Gold (Comex)

By the time of this article writing, the quotations for the WTI Crude Oil futures have reached the mark of $ 70.61 per barrel (-0.13% or 0.09 points). The benchmark Brent Crude Oil futures are being traded at the mark of $ 77.03 per barrel (-0.12% or 0.09 points).

Brent Crude (ICE)

At the moment, a clearer picture of what further prospects for the world oil market can be obtained after the publication of the monthly OPEC report. In addition, we should wait for the publication of statistics on the crude oil volume in the US storage facilities, which will be available to the general public already on Tuesday.

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