Today oil prices opened up to higher levels and continue growing. Earlier this week they suffered a small drop due to the increasing number of drilling rigs in the United States. This could be the case again later today as the United States will published another report on its current oil supplies. According to the latest information, last week US reserves grew by 3.4 million barrels. However, today’s report will be more conclusive and would offer more reliable data that might be different from that estimate.
Today the WTI found itself near $67.78, while the Brent crude was up 0.5% at $73.52 per barrel.
Currently the biggest insecurity on the oil market comes from the Iran deal. Trump’s cabinet seems skeptical of it and likely to pull out, which would lead to an increase in oil prices. We would have a final decision on the matter within the next 10 days.
