The global oil market is seriously reeling against the background of news about the increased supply of raw materials. By the time the Friday trading session closed on the European market, the cost of a barrel of Brent crude oil dropped to the lowest level in the second half of 2018.

Most of all, investors are worried not so much by sanctions against Iran, but by the US intention to force its main competitor (China) to follow civilized methods of trade by any means. In addition, the dynamics of oil prices are directly affected by the steady increase in the level of raw materials production in the United States, which have become the world leader in this indicator.

At the end of the day, quotes for Brent crude reached $69.84 a barrel (-1.15% or 0.81 p.). Prices for WTI crude fell by 1.07% or 0.65 p., to the level of $60.02 per barrel.

Brent Crude (ICE)

WTI Crude Oil (Nymex)

It should be particularly noted that not only the US is increasing the pace of production of "black gold", but also those countries that have recently convinced the world that they intend to steadily adhere to the principles of the OPEC + 11 treaty, which provides for a reduction in oil production.
The most important countries that initiated the signing of the OPEC + 11 treaty, Russia and Saudi Arabia, deliberately violated their obligations and now produce even more oil than before the agreement entered into force.

Top binary options brokers will help you choose a reliable and reputable partner to work in the global financial market! In addition, such cooperation guarantees you direct access to real market quotes.