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24.10.2013 15:40

Oil: an overview of the market situation

Oil prices fell today , dropping to $ 107 per barrel (brand Brent), which was associated with an increase in production and reserves of oil in the United States.

Boom of shale oil and gas in the U.S. is not terminated, the report shows the Energy Information Administration (EIA). Companies have learned to use less oil rigs while doing well bigger and better As the first published the "Report on drilling performance ," prepared division of the U.S. Department of Energy - energy Information Administration (EIA), the industry becomes more efficient : the company invented ways to use less oil rigs and drilling with a larger , more comfortable for pumping hydrocarbon wells in shale deposits , increasing the production of energy in the country.

In the EIA report presents data on the efficiency of production in the six fields of the United States , only one of them (the field in West Texas Permian ) were reported improvements. Results efficient drilling is particularly evident in the field yuzhnotehasskom Eagle Ford. The number of drilling rigs in September is decreased by 5 % compared to last year . However, the performance of each of the operating units was higher oil and gas production from the field has exceeded the previous year by 28%. According to the report, EIA, production of oil and gas in the Eagle Ford as a whole rose by 57 %.

Meanwhile, we add that to the dynamics of trade also affected the reported data for China . Preliminary results of the surveys, which were published today HSBC Bank and Markit Economics, showed that activity in the manufacturing sector in China has grown considerably in October , reaching a seven-month high at the same time . We add that this improvement adds evidence that the recovery is gaining momentum after the recession , which was observed in the first half of this year. According to the report , the pre- production purchasing managers index rose in October to the level of 50.9 , up from 50.2 in September. We add that, according to the average forecast of experts , the index should have grown to the level of 50.5 .

In addition , the data showed that a preliminary purchasing managers' index for the manufacturing sector rose in October to the level of 51 , ​​compared to 50.2 the previous month. Note that the final data on the two indicators for October will be presented on November 1 .

The cost of the December futures on U.S. light crude oil WTI (Light Sweet Crude Oil) fell to $ 96.47 a barrel on the New York Mercantile Exchange.

December futures price for North Sea Brent crude oil mixture fell $0.29 to $ 107.29 a barrel on the London exchange ICE Futures Europe.

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