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12.09.2013 15:40

Oil: an overview of the market situation

World oil prices rose modestly today , rising above $ 112 a barrel as investors expect to see that diplomatic efforts to eliminate chemical weapons Syria will avoid attack by the United States, which could further disrupt supplies from the Middle East. Note that the political unrest has affected the volume of production of Libyan oil - it is down to 10 % of the normal values ​​and export declined by about 80,000 barrels per day at the beginning of this month , which led to a substantial increase in oil prices. Despite the fact that Syria is not a major oil producer , is increasing concern that a global conflict could spill over into the leading exporting countries or disrupt naval supplies .

However , the International Energy Agency ( IEA) stated that increases growth forecast for global oil demand in 2014 by 70,000 barrels per day. IEA also increased the estimate of world oil demand in Q3 by about 260,000 barrels a day. It was also noted that the amount of free oil production capacity in OPEC in August fell to 2.94 million barrels a day compared with 3.08 million barrels per day in July, and U.S. production in July increased by 1.1 million barrels a day compared with July 2012

We also add that the course of trade continue to affect yesterday's inventory data , which showed that gasoline inventories rose last week, suggesting that the increase in demand, which was supported by the summer driving season is likely to halt

The cost of the October futures on U.S. light crude oil WTI (Light Sweet Crude Oil) rose to $ 108.43 a barrel on the New York Mercantile Exchange.

October futures price for North Sea Brent crude oil mixture rose $ 0.83 to $ 112.47 a barrel on the London exchange ICE Futures Europe.

Market Focus

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  • Australian unemployment rate stable at 5.6% in June
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