Oil prices are reported to be slowly increasing in London and New York, the world’s key market places for Brent and WTI oil futures.
To be more specific, London’s ICE Futures exchange reports to have Brent futures for October delivery increase in price by 0.1% to increase the $48 per barrel. At the same time, the WTI futures for October delivery in New York increased in price by 0.06% up to over $46 per barrel over the same reporting period.
The slight increase is said to be associated with the forthcoming report on the U.S. oil inventories. According to the results of the recent survey in conducted by S&P Global Platts, most of the respondents anticipate an increase by 600K barrels of crude oil. At the same time, gasoline inventories are expected to shrink by 1.1 million barrels over the same reporting period.
Masterforex-V Academy experts report that the market is currently influenced by the possibility of OPEC and non-OPEC oil exporters to finally agreeing to cut their oil production for the sake of helping oil prices recover even higher. To be more specific, this issue is going to be on the agenda during an informal summit planned for late September in Algeria. For now, most of the representatives of the international expert community seriously doubt that the summit participants will end up being positive on those production cuts.
On Monday, Kuwait announced their decision to participate in the oil summit in Algeria. They also confirmed that stabilizing the global oil market is going to be one of the key issues on the agenda.
