Oil market overview

Oil market overview

2019-11-11 • Updated

Oil prices dropped to $51.10 after Baker Hughes total US rig count posted an increase in total rigs and Saudi Arabia Energy minister Al-Falih said the country will no longer tolerate the loss of its market share.

US drillers added 14 oil rigs according to the data we received on March 17, bringing the total count up to 631. Growing US shale production fed concerns that an output cut deal propelled by the OPEC-members and supported by large oil suppliers is having less impact than it was expected.

Another headwind for oil prices was the news that Libya’s National Oil Corporation is going to regain its control over key oil ports (from Reuters report). This should boost the country’s oil export. Libya is not a contracting party of the production cut deal forged in November. So, market analysts believe that higher output in Libya will be an additional drag on the oil futures.

Some analysts, however, expect the oil prices to rise higher as they believe that cuts in OPEC production will start to show up only between the mi-March and mid-April. A sharp reduction of oil imports is expected, it will inevitably lead to impressive crude inventory draws. The mix of falling imports and shrinking stockpiles of oil should send the oil price to the upside. 



Why is oil's rally in danger?
Why is oil's rally in danger?

Yes, oil prices are burning right now, and inflation is getting hotter along with it worldwide. However, the oil's bullish momentum is under threat.

How Will Gas Supply Reduce Affect Eurozone?
How Will Gas Supply Reduce Affect Eurozone?

What is happening? The Russian president's announcement that countries "unfriendly" to Moscow must pay for gas deliveries with rubles shows that he's willing to use energy as a weapon in the Ukraine war…

Latest news

What To Trade On May 23 - 27?
What To Trade On May 23 - 27?

Last week blew traders' minds!  The US dollar dropped for the first time in seven weeks after Jerome Powell's speech on Tuesday…

Can a recession be avoided? 
Can a recession be avoided? 

The pandemic continues hurting economic activity in China, the war in Ukraine is hitting the entire European economy, and the Fed's efforts to control inflation threaten to trigger a recession. 

Deposit with your local payment systems

Be on top of your game

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.


A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera