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16.01.2015 16:40

Oil: A review of the market situation

Oil prices rose more than $ 1, departing multi-year lows, which was due to new forecasts from the International Energy Agency. Today, in its monthly report the IEA said that this year the prices may recover. The agency downgraded the outlook for production from countries outside OPEC. "Where will the market bottom is anyone's guess. But the sale does not go unnoticed - said IEA. - Recovery of prices - in the absence of any major failures - can and is not inevitable, but growing signs that it is still going to happen" . "Rebalancing may begin in the second half of the year" - said the agency that advises the major industrialized countries in the field of energy policies.

However, while traders consider any recovery as temporary. Oil prices fell by nearly 60 percent over the past six months, and both the key brand of oil is currently trading below $ 50 a barrel as the supply of high quality light crude oil from the United States and Canada exceeded demand in a period of low global economic growth.

Recall, on the eve of the OPEC once again cut its forecast for demand for its oil in 2015 - from 28.9 to 28.8 million barrels a day, the lowest level in 12 years. This is 300 thousand. Barrels per day lower than the rate in 2014. Earlier in the week the largest banks Goldman Sachs and Societe Generale sharply worsened its oil price forecasts for the current year, and the US Department of Energy reported an increase in production in the country last week to the highest level since 1983.

"In the oil market is a big game and lose the one who blinks first. OPEC decades determined the direction of the market within the cartel, but it is obvious that this situation came to an end," - says chief strategist at CMC Markets Michael McCarthy.

Also add that the oil market has the situation on the currency market, where the euro yesterday showed the strongest in the history of the fall of the Swiss franc and reached a 11-year low against the dollar after the Bank of Switzerland to lift restrictions on the franc to the euro.

The cost of the February futures on US light crude oil WTI (Light Sweet Crude Oil) rose to 47.07 dollars per barrel on the New York Mercantile Exchange.

February futures price for North Sea Brent crude oil mix increased by $ 0.7 to $ 49.10 a barrel on the London Stock Exchange ICE Futures Europe.

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