Equityworld Futures, New York - Oil prices rose more than 2 percent triggered expectations if OPEC meeting this weekend will demonstrate the commitment agreement decline in global oil production.
Reuters page launched on Saturday (01/21/2017), the price of Brent crude oil settled up $ 1.33, or 2.5 percent, to US $ 55.49 per barrel. While the price of US crude oil for February delivery closed up $ 1.05, or 2 percent, to US $ 52.42 per barrel. While the March contract closed up 2.1 percent at US $ 53.22 per barrel. OPEC members and some other producing countries including Russia will meet in Vienna this week to establish a mechanism to verify to cut 1.8 million barrels of oil per day (bpd) according to agreement. Minister of Energy of Saudi Arabia said 1.5 million barrels per day has been taken out of the market. "The oil market moved higher in Friday trading on the last lap of positive talk about how much supply has been taken towards the review of OPEC and non-OPEC representatives in Vienna," said analyst Tim Evans of Citi Futures, said in a note. Oil prices briefly pared gains after data from the energy services company Baker Hughes showed US drilling company this week to add oil rig in nearly four years. But swelling oil stocks in the US and increased shale production could threaten the balance of the market, analysts said. "For a lasting balance to be returned to the oil market and very high stock reduced, agreement (OPEC) will need to be strictly implemented over a long period," said Commerzbank in a note. Indeed, US crude oil inventories unexpectedly rose 2.3 million barrels last week. On the other hand, the Libyan National Oil Corporation (NOC), said the current production should rise to 722 thousand barrels per day, after bad weather caused a small dip. also read The rate of Composite Index (IHSG) gains as Rupiah Stronger Against Dollar | Equityworld Futures
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