The price of oil continues to make slow but steady growth in light of the recent signs of a balancing oil market.
The efforts to bring an end to the oversupply issue on the market are headlined by OPEC, and more specifically Saudi Arabia, who initiated the production cuts agreement about a year ago. Although OPEC has remained true to its promises and complied to 90% of the agreed output numbers, analysts are still stressing on the need to continue production cuts well into 2018, even after the expiration date of the original agreement.
Earlier today Saudi Arabian Minister of Energy Khalid al-Falih hinted at the possibility to extend the extraction cuts as long as the market needs, giving analysts a new reassurance that oil prices will continue their recovery.
The Brent crude this morning was trading at $58.41, while the WTI was at $52.38.
