On Thursday, November 15, oil prices were able to break the downtrend in the market. According to experts, it was the longest collapse in the history of trading. The cost of a barrel of WTI oil blend increased for the first time in 12 sessions.

During yesterday's trading, market participants tried to play a sharp collapse of quotations, recorded on Tuesday, November 13. On Wednesday, quotes rose by 3%, but by the end of the trading session, their growth rates had decreased. The current negative trend was interrupted, analysts emphasize.

After the publication of data on US oil reserves, the rise in quotations stopped. It turned out that over the past week, commercial reserves of black gold in the country grew by almost 9 million barrels. This figure is the highest since February 2018, experts say.

The reason for the rise in oil prices experts say statements from OPEC, which plans to reduce production, to prevent an excess of supply of raw materials on the market. Analysts pay attention to another indicator, the cost of oil in gold. Currently, you can buy about 22 barrels of oil for 1 ounce of yellow metal. According to experts, this indicator returned to the level of the beginning of the year.

For the past five weeks, the black gold market has been feverish, and oil quotes have hit nearly $ 20. In this regard, experts conclude that the attempt of Russia and OPEC, aimed at increasing oil production, was not crowned with success. Previously, experts warned that a return to the policy of building capacity will lead to a collapse in the market.

Next year, a number of oil-producing countries are again planning to cut production by 1.4 million barrels per day. Experts believe that OPEC is losing ground against the background of shale oil growth in the United States. America continues to increase volumes regardless of price fluctuations in the market. According to analysts, the volume of recoverable black gold has reached records and are approximately at the same level as the Russian Federation. At the same time, the United States is in a better position than other countries, since it is not too dependent on oil prices.

Experts of the largest bank JP Morgan predict a further decline in the cost of oil. They pay attention to the technical progress of the American shale. "In the long term, due to oversupply, oil prices will fall. The technical progress of US shale companies is impressive. They need fewer resources to extract as much raw material as possible." The situation is complicated by tightening the monetary policy of the Fed, experts say. As a result, there is a revaluation of the value of assets, taking into account the availability of liquidity and cash.