Oil today: oil quotes resume growth on the optimistic forecast of OPEC

After a restrained movment at the beginning of the day, oil quotations were supported by the publication of the OPEC report. Thus, according to OPEC forecasts, the demand for oil this year will grow to 1.65 million barrels per day from the level of 1.63 million barrels per day, or 32.74 barrels per day.

OPEC’s very optimistic comment served as an excuse for resuming the upward rally in oil. But at the same time, oil prices are limited by the highs of last week. Also, the growth of drilling activity in the US and the expectation of new data on Iran’s nuclear program will continue to be a limiting factor for the strengthening of oil prices.

Hanzenko Anton