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10.04.2014 15:40

Oil: an overview of the market situation

Cost of oil futures fell slightly today , which was associated with the release of economic data for China . Investors have expressed concerns about the demand for oil from one of the world's leading economies . It is learned that China's foreign trade turnover in March 2014 decreased by 9 % yoy to $ 332.52 billion Chinese exports fell in March by 6.6 % compared with the same period in 2013 to $ 170.11 billion Imports China in March fell by 11.3 % to $ 162.41 billion foreign trade surplus amounted to $ 7.71 billion in March in March last year, China had a trade deficit of $ 960 million during the first three months of 2014 foreign trade turnover China's trade fell by 1 % in comparison with I quarter of last year to $ 965.88 billion, China's exports fell by 3.4% to $ 491.31 billion and imports increased by 1.6 % to $ 474.57 billion Recall a week earlier General Administration of Customs informed that in the last month of imports of " black gold" in the country amounted to 23.52 million tons. At night delivered 5.54 million barrels . The March figure is the lowest in the past five months.

The dynamics are also influenced by the news of the Petroleum Exporting Countries (OPEC), which reported that in March the cartel 's oil production fell to its lowest level this year . Last month, OPEC production fell by more than 500,000 barrels a day to 29.6 million barrels a day , according to a monthly report on the oil market . Basically reduction associated with a marked reduction of Iraq's oil production by about 300,000 barrels per day. Although a significant reduction in production last month was also observed in Angola , Libya and Saudi Arabia. Meanwhile, adding that OPEC raised its forecast for growth in aggregate supply of oil produced by countries that are not members of the cartel , at 60,000 barrels per day compared with the previous forecast , to 1.37 million barrels a day . OPEC also lowered its forecast for oil demand this year of the cartel to 100,000 barrels per day to a level of 29.6 million barrels per day. OPEC has also maintained the growth forecast for world oil demand in 2014. According to the forecast , global oil demand in 2014 will grow by 1.14 million barrels per day - up to 91.2 million barrels per day. Countries with OPEC in 2014 will increase the supply of oil to 1.37 million barrels per day.

Dynamics of oil prices also determines the development of the situation in Libya . It seems that the volume of exports from the country is expected to recover

May futures for U.S. light crude oil WTI (Light Sweet Crude Oil) fell to $ 103.29 a barrel on the New York Mercantile Exchange (NYMEX).

May futures price for North Sea Brent crude oil mixture fell $ 0.40 to $ 107.37 a barrel on the London exchange ICE Futures Europe.

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