On Monday, oil quotes were holding at highs backed by the Friday report from Baker Hughes. According to the official data, the number of operating oil rigs in the US dropped by 5 to 742 units. The WTI Crude Benchmark was at $61.70 per barrel at the end of the trading day. It is worth noting that worries over the global oil glut persist because of rising crude production in the United States.
However, analysts keep in mind that the OPEC+ agreement between large crude exporters to cut oil output. The deal expires at the end of 2018. The agreement supports London Brent that traded at $68 per barrel on Monday. One should also pay attention to gold that resists falling to the low of January 4th, despite the rally of the US dollar. Gold was worth $1,320 per troy ounce at the opening of the New York trades. Today, investors will keep an eye on the weekly Crude Oil inventories report from the US Energy Department. A decrease is expected in the oil stocks.
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