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The cost of oil futures has declined today, dropping at the same time below $ 97 per barrel (Brent) and $ 91 per barrel (WTI), as sluggish demand and sufficient proposals outweighed expectations regarding the decline in oil production in the OPEC.
Recall, the OPEC countries to discuss production policy at a meeting on November 27th. Budget some cartel participants based on an oil price of not less than $ 100 per barrel, and the organization's Secretary General, said last week that OPEC may cut production next year.
"If you look at the growth in production over the last year, is seen very strong growth in the United States, mostly from non-traditional sources, and other regions outside the OPEC growth is not due to OPEC", - said economist National Australia Bank Fin Siebel.
The dynamics also affect the application of the PRC Ministry of Finance Lou Jiwei that China is not going to change its monetary policy in response to a single macro-economic indicators. The comments came at a meeting of finance ministers and central bankers of the G20 in Australia over the weekend. Statements Lowe eased speculation that China will increase the incentive to achieve the target of 7.5% growth this year.
Market participants are also awaiting the release of a preliminary purchasing managers index for the industrial sector of China from HSBC Holdings Plc. According to forecasts, in September the index dropped to the level of 50 points, compared to 50.2 points in August.
"Concerns about China's increased - said Raiffeisen Bank analyst Hannes Locker. - China's demand for fuel in the second half of the year is expected to keep steady growth rate of 3.5-4%. But if this has been slow to 2%, this will put additional pressure on the oil market. "
The focus is also the situation in Libya. Oil corporation National Oil Corp said that Libya produces 700 thousand. BOPD after suspending production at the field Shararra, which accounts for 30% of Libyan production. Refinery in Az Zawiyah remains closed after last week caused the missile strikes.
The cost of the November futures for the American light crude oil WTI (Light Sweet Crude Oil) fell to $ 90.87 a barrel on the New York Mercantile Exchange (NYMEX).
November futures price for North Sea petroleum mix of mark fell $ 1.55 to $ 96.80 a barrel on the London exchange ICE Futures Europe.
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