Brent oil returned to the level of October 2017

The cost of oil prices has continued to decline for the past three days in a row, today reaching $ 57.23 a barrel, thereby updating at least October last year. On the eve of Brent was under pressure from the mass "flight" from the risks that led to the collapse of Wall Street indices.

Today, "black gold" quotes showed some recovery to the level of $ 58.13 per barrel, however, the potential for further asset growth is limited by the expectation of further growth in US crude oil inventories. Today and tomorrow you should pay attention to the statistics from the American Petroleum Institute (API) and the US Department of Energy.

Additional pressure on Brent is exerted by continued skepticism of market players regarding the effectiveness of the OPEC + transaction. Market participants are beginning to doubt the success of the organization and its ability to return the market to a balanced state.

The material has been provided by InstaForex Company - www.instaforex.com