According to the International Energy Agency (IEA), an overabundance of oil in the world market begins to decline. This is due to the growth in demand, exceeding forecasts, in Europe and the US, as well as due to a reduction in production by OPEC members and non-cartel countries.

The agency also raised the forecast for growth in global oil demand in 2017 to 1.6 million. barrels per day from 1.5 million. barrels per day.

Among other factors, analysts call the slowdown in the growth rate of shale oil production in the US.

So, last week the number of drilling rigs in the US fell by 7 pieces to 749, this is evidenced by the data of the oil service company Baker Hughes. This indicator decreases for five consecutive weeks and demonstrated a monthly decline for the first time since May 2016.

Despite signs of balancing global supply and demand, some analysts say that the effects of hurricanes do not allow building long-term forecasts. Recall that past on the American coast of the Gulf of Mexico hurricane "Harvey" led to a stop about a quarter of the processing capacity of the US. This is reported by "Reuters".