Oil prices at today's trading showed a moderate growth. Main reason for the strengthening of prices is an optimistic data on the OPEC compliance, which are interested in production cuts. By noon, the price for Brent crude was around $56 per barrel, the US benchmark WTI was trading above $53 per barrel.
Earlier, OPEC has published a report that demonstrated the implementation of almost all agreements between the cartel and other major producers of oil on decreasing the production. Also, OPEC has revised upwards the forecast for demand this year. However, the organization fears that oil production in other countries, outside the cartel, will increase due to excessive activity of American manufacturers.
Today you should pay attention to the speech of Janet Yellen, the FED Chairman, which will probably affect the US dollar and rest of basket of currencies and assets, including commodities. Analysts notice that last time oil prices have become quite sensitive to fluctuations of the dollar index. In the evening, the American petroleum Institute will release its weekly data on oil reserves in the United States. In Cairo (Egypt) today is the first day of the international conference on oil and gas.