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OPEC statement stimulated the increase of the oil prices

Today Brent is being traded near $56 per barrel and the value of WTI contracts approached $54 per barrel. The increase of oil prices is a consequence of the OPEC statements that the oil production agreement has been observed in full and it is likely will be extended to stabilize the situation on the world market.

However, the United States continues to increase production volumes. According to Baker Hughes reports, the rig count in the USA is steadily growing. The oil production increase by American companies could undermine the efforts of OPEC members and other exporting countries to tackle the supply excess problem in the market.