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The price of oil rose above $ 93 a barrel on Tuesday, inspired by the recent rise in equity markets, which was supported by the expected increase in the supply of oil to the U.S..
While the stock markets in Asia today has significantly decreased, while European equities showed a small increase, the index Dow Jones showed another profitable session, which was the seventh consecutive increase in the session.
Many traders believe that large amounts of oil in the United States will hold the price rise. Recall that last week, the Department of Energy said that crude oil is 10.3% higher than last year, and oil in the United States for more than 7 million barrels a day, which is the highest level since the end of 1990 's.
Data for the week ending March 8, was expected to show that oil stocks rose 2.3 million barrels, while gasoline inventories increased by 1.5 million barrels.
Note also that OPEC announced today that raises forecast for oil outside the cartel in 2013, but reduces forecast for the consumption of its oil. In addition, OPEC forecasts increase in oil supply from outside the cartel in 2013 to 1 million barrels a day, and the demand for its oil in the amount of 29.7 million barrels a day, up to 2013 data also showed that oil production in the OPEC February rose to 30.31 million barrels a day. Meanwhile, adding that OPEC keeps its forecast for growth in world oil demand in 2013 at 0.8 million barrels a day.
April futures price of U.S. light crude oil WTI (Light Sweet Crude Oil) rose to 92.84 dollars a barrel on the New York Mercantile Exchange.
April futures price for North Sea petroleum mix of mark Brent rose 35 cents to $ 110.40 a barrel on the London Stock Exchange ICE Futures Europe.
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