The oil market is closing high at the end of the week, the price of the black gold approaching a 2-year peak today. The main positive impetus for the price growth has been political events in Saudi Arabia. So, against that background, the fears related to production growth to 30-year peaks in the USA disappeared.
Thus, January Brent futures grew 0.17% and are trading at $64.04/bbl on Friday. December WTI futures grew 0.02% to $57.18/bbl. Brent oil and WTI oil grew 3.2% and 2.8% over the week, respectively.
Market participants’ belief that OPEC members and their partners will take a decision to extend the agreement to cut oil production after March 2018 has never been so weak.