Steady oil prices worry traders

Prices on oil stay almost still with a slight decrease during the morning trades. It is the third day in a row of the stable data.

On Tuesday, investors felt worry about the new speculations from the USA oil output. OPEC members and countries which signed an agreement to cut the oil production until the world glut will disappear are worried about the rising number of American shale product.

New worries lowered down the price for both Brent and WTI futures. Brent lost 9 cents during the early trades this morning, which is equal to the 0.1 percent. It was selling for the 55.92 dollars per one barrel. It was partly denominated with the stronger dollar that created a pressure on the crude.

As for the WTI, it also lost 0.1 percent or 6 cents from its yesterday’s price, to the 53.14 dollars for a barrel.

According to the strategist Michael McCarthy, today was a lack of different catalysts. Trading is very slow.

He says that oil is still holding to its original agreed by OPEC price, at the time when other commodities suffer from the low interest and huge variety of competitors. Gold eased down as well. Even though oil lost few cents today, Michael says that in general, it is still a good performance.

The official report from China and other countries will be revealed till the end of this week. International Agency of Energy assumes that American output of oil will grow up significant to the 2022 year.

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