Oil prices are falling, the focus API report and OPEC meeting
On Wednesday, during the US trading the price of oil fell on speculation that a meeting of key oil producers will end without decision-making, which can lead to significant changes in the production.
On Thursday in Vienna to host a meeting of the Organization of Petroleum Exporting Countries, although the markets are not expecting concrete statements about production cuts.
The last OPEC meeting in Qatar in April, ended unsuccessfully - an agreement to freeze production at current levels has not been achieved due to the requirements of Saudi Arabia, Iran joined the negotiations.
On Tuesday, the oil minister of the United Arab Emirates Suhail Bin Mohammed Al Mazrui said that in recent years the oil market corrected upwards, and he is satisfied with the current state of his. In response to his comments on investors' hopes that OPEC will freeze production, weakened.
On the London ICE Futures Exchange, as of 14:31 GMT, or 10:31 ET, Brent crude oil for delivery in August ?? fell to a session low of $ 48.65 a barrel, the minimum on 24 May and reached $ 49.03, down 86 cents or 1.72%.
A day earlier, on Brent futures lost 47 cents, or 0.93%, as market participants focused on the reports of the increase in production in the Middle East.
According to some reports, in June, Iraq plans to deliver additional 5 million barrels of crude oil to the market. Saudi Arabia, Kuwait, Iran and the United Arab Emirates also plans to increase production this year.
Last Thursday, at the price of Brent crude jumped to $ 50.96, the maximum of 12 October because the unplanned interruptions of supplies from Africa and North America have tempered concerns about the saturation of the oil market.
Brent prices rose to approximately 85% since the short falling below $ 30 per barrel in the middle of February.
On the New York Mercantile Exchange WTI crude for delivery in July ?? fell 95 cents, or 1.93%, to trade at $ 48.15 a barrel after falling to $ 47.75, low on 24 May. On Tuesday, the New York oil prices fell 23 cents, or 0.47%.
Bidders focused on fresh weekly data on US oil and petroleum products. Today, the American Petroleum Institute will release its report on reserves, and on Thursday the government's report will be published, which may show a reduction in crude oil reserves by 2.7 million barrels for the week ended May 27.
Reports will be a day later than usual because of the celebration of Memorial Day in the US on Monday. On Thursday on the Nymex prices jumped to $ 50.21, the highest since Oct. 9.
Futures for WTI oil rose by almost 80% since the collapse of prices on February 11 to 13-year low of $ 26.05 due to the decrease in the US shale oil production.
Friday night Baker Hughes oilfield services provider, said that the number of drilling rigs in the US fell 2 to 316 during the last reporting week, keeping the downward trend.
Meanwhile, today the Brent and WTI oil grades is 88 cents per barrel, compared with 79 cents at the close of trading on Tuesday.
Related posts
Gold at two week low falling platinum
Gold at two-week low , falling platinum , palladium grows In anticipation Released American reporting on the market Labor gold again reduced and is at...
Rising oil prices have forced Americans to spend Falling oil prices could not send Americans to the stores to spend the saved. They went to spend only...
Gold rises in price against background
Gold rises in price against the background of expectations of Fed meeting LONDON (Reuters) - Gold rises in price on Tuesday, recouping early losses,...
No comments:
Post a Comment