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08.04.2013 15:40

Oil: a review of the market situation

Prices for crude oil West Texas Intermediate rose today, after recorded its biggest weekly decline in the past six months, after the militants and government forces clashed in Nigeria, as well as against the breakdown of talks between Iran and world powers. The main rebel group in Nigeria, the largest oil-producing countries in Africa, said that killed 15 security personnel in an attack on the southern oil-producing field. Also add that the failure of talks between Iran and six world powers to achieve interim deal on its nuclear program could increase pressure and may lead to the introduction of additional sanctions against the country.

We also add that in view of the situation, many experts believe that oil prices are on average in the second quarter of 2013 will be lower than 90 per barrel, reflecting a comfortable balance of the market, the lower limit of the refineries, and only a very modest increase in consumption .

Recall that last week, the U.S. Energy Department reported that crude oil inventories in storage was at its highest level since 1990, although refiners began to increase gasoline production to prepare for the summer season.

May futures for U.S. light crude oil WTI (Light Sweet Crude Oil) rose to 93.15 dollars per barrel.

May futures price for North Sea petroleum mix of mark Brent fell 80 cents to $ 103.60 a barrel on the London Stock Exchange ICE Futures Europe.

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