Optimistic forecasts of the International Energy Agency (IEA), which on Thursday said that the excess world oil reserves will be reduced as a result of the high demand, as well as statements by the Minister of Energy of Saudi Arabia Khalid al-Falih last week that his country is ready to carry on the oil market stabilization measures to support the rise in oil prices.
The September contract for WTI crude oil on the NYMEX trading this morning was up 39 cents at 44.88 dollars per barrel. The October contracts for oil Brent at London's ICE Futures exchange was up 0.75% at 47.32 dollars per barrel.
Spot price for Brent crude in the beginning of the European session is near the level of 47.30 dollars per barrel.
Three months ago, the Saudi Crown Prince Mohammed bin Salman said in an interview with Bloomberg, Saudi Arabia freezes the rate of oil production or reduce production volumes only in the case of the same agreement by Iran and other major oil-producing countries.
Iranian Oil Minister Bijan Zanganeh named then the idea to limit the production of "joke".
Oil production in Iran in July rose to 3.63 million barrels a day, which is close to its level of 4 million barrels a day. This, according to oil market analysts, may also make Iran more prone to freezing coordinated production.
Meanwhile, the US Department of Energy reported Wednesday an increase in commercial stocks of oil in the US for the week August 30-July 5 to 1.055 million barrels. This figure is 523.6 million barrels of crude oil, which is 37.7% higher than the five-year average values for this time of year.
The monthly report, OPEC pointed to the growth of oil production in Saudi Arabia in July to a record 10.67 million barrels per day. Total OPEC while in July rose to 33.1 million barrels a day.
The number of active oil rigs in the United States continues to grow steadily increased last week by 15 units to 396 units.
The excess of oil in the US market and around the world is growing. Informal meeting of OPEC, which comprises 14 countries, is scheduled for the end of September. A statement by the Minister of Energy of Saudi Arabia's readiness to accede to the freezing of oil production agreement is classified as verbal intervention.
On Wednesday, the Ministry of Energy will report on crude oil inventories in the US stores last week. If stocks rise, the price of oil could fall quite sharply.
Also, in the evaluation of oil prices growth prospects should pay attention to the publication on Wednesday (18:00 GMT) the minutes of the last meeting of the FOMC. If the protocol will contain hints at the possibility of an early increase in US interest rates, the dollar could strengthen sharply on the currency market, and the prices of commodities, including oil, decrease.