Crude oil prices-weekly forecast: 25 February - 1 March

Crude Oil traders will continue to focus on world oil supply prospects next week amid indications that OPEC-led production reductions have helped to tighten the oversupply market.

Also will be watching the players in the market of any significant developments on the trade front, the U.S. - China this week, where the two sides reaching an agreement before the deadline in March on the new tariffs.

The United States and China are the world's largest oil consumers. It has helped the hopes that the two sides can reach an agreement to resolve their war business prolonged to relieve anxiety about energy demand.

New data on American commercial crude oil stocks and production activity will attract market attention this week.

Oil prices rose on Friday to the best of this year.

The WTI traded at 30 cents, or approximately 0.5%, to settle at 57.26 $ a barrel by the end of the dealings. WTI rose earlier to the highest since November 16 when 57.81 USD.

For the week, the US index rose about 3 %.

At the same time, the global raw Brent futures contracts closed the Friday session at a height of 5 cents at $ 67.12 per barrel. The highest level in three months was $ 67.73 earlier today.

Brent's prices rose by 1.3% during the week.

After ending 2018 in the case of free fall, oil prices rose by about 25% to begin the year, supported by global producers ' efforts to reduce supply.

In December, approved the "OPEC" and a group of 10 producers outside the cartel, led by Russia, to cut production in total by 1.2 million barrels per day during the first six months of the year 2019.

Saudi Arabia, the world's largest oil exporter, and the leaders of OPEC's de facto organization, pledged to reduce its production further than the required agreement.

These cuts combined with the constraints of production involuntary as a result of U.S. sanctions on Venezuelan crude and Iranian, along with the low Libyan production due to civil unrest.

In the meantime, the looming markets US oil in the near term, rising crude oil production in the United States to a record level of $ 12.0 million barrels per day.

Just before next week, Investing.com by compiling a list of key events likely to affect the oil market.

Tuesday, February 26th.

The American Petroleum Institute will publish its weekly update on American oil supplies.

Wednesday, February 27.

The United States Energy Information Department will issue its weekly report on oil stocks.

Friday, March 1.

Weekly data on the number of American oil platforms will be released {|Baker Hughes}.