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10.10.2013 15:39

Oil: an overview of the market situation

The cost of oil futures increased significantly , rising at the same time above $ 111 per barrel, which is primarily due to the reports of the kidnapping and release of the Prime Minister of Libya.

Note that the grouping of former Libyan rebels freed Prime Minister Ali Zeidan , who earlier today was kidnapped from hotel in Tripoli in retaliation for the U.S. intelligence assistance in tracking down one of the leaders of the extremist network " Al- Qaeda .

Meanwhile , we add that the impact on the course of trade has also had a report from OPEC. In its monthly report, OPEC reduced the forecast of demand for crude oil produced by its members , to 230,000 barrels a day compared with the September report to 30.49 million barrels per day. Forecast for 2014 was lowered by 50,000 bpd to 29.56 million.

According to sources , in September, average daily production of OPEC was 30.05 million barrels , slightly above the limit set by the cartel of 30 million, despite the decline in production in Iraq and Libya. According to the calculations of OPEC, the average daily global oil consumption next year will increase by 1.04 million barrels.

In addition, many market participants continue to evaluate yesterday's report from the Energy Information Administration , which showed that U.S. crude inventories last week rose 6.8 million barrels , the forecast increase of 1.5 million. Over the last three weeks inventories rose by 14.9 million barrels , the biggest three-week gain since April 2012 .

Also today it was announced that the Shell shut down its oil pipeline in Nigeria because of reports of leaks . The pipeline capacity 150,000 barrels per day resumed work only 10 days ago.

Add that oil prices were also supported by reports that there were signs of progress in resolving the issue of the budget and avoid a possible default .

The cost of the November futures on U.S. light crude oil WTI (Light Sweet Crude Oil) rose to $ 103.17 a barrel on the New York Mercantile Exchange.

November futures price for North Sea Brent crude oil mixture rose $ 2.53 to $ 111.55 a barrel on the London exchange ICE Futures Europe.

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