Oil quotes are steadily declining, and similar dynamics has spurred the interest of traders in this sector of the commodity market. At the end of last week, the market began to be in a fever after news that the United States intends to put pressure on OPEC to force the cartel to abandon attempts to regulate the pricing process for "black gold". Today, commodity prices came under more serious pressure because official confirmation appeared that US President Donald Trump appealed to the heads of the most influential members of OPEC demanding that the oil prices be reduced.

As a result, at this point, futures contracts for oil of the American brand WTI have already lost 1% in price or 0.63 points, dropping to $62.67 a barrel. Futures for benchmark Brent crude fell by 1.19% or 0.85 points, reaching $70.78 a barrel.

WTI Crude Oil (Nymex)

Brent Crude (ICE)

We note the fact that today oil quotes are falling on all trading floors, and such dynamics fully correspond to the real state of affairs (level of demand / supply, state of the world economy, trends in the field of green technologies, etc.). Analysts have long been saying that current oil prices are more likely the result of hidden negotiations between the heads of the world's largest exporters of raw materials, rather than objective indicators.

Recall that during the trading session on Friday, the decision of the US president to cancel exceptions to Iranian sanctions to some extent suspended the process of falling commodity prices. But by the end of the day it became known that the largest oil importers in Europe (Germany, Poland, Slovakia) had blocked the import of oil from Russia via the Druzhba main pipeline, explaining that to “a serious drop in the quality of raw materials.” After that, the price of a barrel of Brent crude rose slightly.

It is significant that for the first time recently in the United States the number of working drilling rigs has decreased by 20 units.
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