Today, oil prices do not show much volatility despite reports released by the US Department of Energy that indicate a possible increase in oil production. According to official data, the US oil inventories contracted by 6 million 495 thousand barrels. However, investors pay more attention to the fact that the production of WTI continues to grow, reaching 9 million 790 thousand barrels a day. This data prevented growth of oil futures above $58 a barrel. Market participants are also concerned that the increase in oil production in the US could be a serious obstacle to the implementation of the OPEC deal.
Meanwhile, Brent Crude Oil is trading around $64.50 a barrel. It is extending gains amid interruptions in oil supply from the North Sea due to suspended production at the Forties pipeline. Still, repair works have not been started so far. According to some experts, the repair can be completed by Christmas. However, other analysts believe that the Forties pipeline will resume operation only after the New Year. Experts do not expect any changes until the end of the trading week. Tomorrow, most market participants will go on Christmas holidays, so analysts forecasts that crude iwll close the trading week around the current levels.
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