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18.11.2013 16:41

Oil: an overview of the market situation

Gold prices fluctuate today , as the reform plan presented by China showed that the country can achieve more sustainable growth , while Saudi Arabia reported that exported the largest volume of oil in eight years.

Note that the state-run news agency Xinhua published a document detailing the decision taken at a meeting behind closed doors. The document lists 60 objectives, and states that the decisive results to be achieved by 2020. The tasks cover a wide range of issues. They include the contribution of 30 % of the profits of state enterprises in the state in order to enable it to finance social welfare programs to the public. In addition, the one-child policy will be significantly weakened. The transition to the family planning policy in force since 1980 , and will allow families in which one of the parents was an only child , to have a second child. The party also said it would give up the system of labor camps.

The changes will affect the judicial system : the courts and prosecutors will be under the control of the vertical control system , rather than subordination to local authorities. In relation to the management of budgets and the interaction of the central and local authorities , responsibilities, Beijing's spending should be expanded.

Meanwhile, today it was announced that in September of this year, Saudi Arabia took first place in the volume of oil exports , increasing it to the maximum since November 2005 . Middle Eastern country holds the primacy of the second month in a row. In September, Saudi Arabia was producing 10.12 million barrels a day - to 70,000 barrels less than in August 2013 , but exported 7.84 million barrels per day. In September , OPEC countries , including Iraq , Kuwait , Venezuela, Qatar , Nigeria and Angola, reduced oil exports . Algeria and Ecuador increased the supply of raw materials on the world market.

Add that to the cost of oil is also influenced by the fact that investors are waiting for speech of the Chairman of the Federal Reserve Ben Bernanke and the publication of the minutes of October meeting of the U.S. central bank to try to figure out when the regulator plans to begin reducing the program to buy up assets.

The cost of the December futures on U.S. light crude oil WTI (Light Sweet Crude Oil) rose to $ 94.14 a barrel on the New York Mercantile Exchange.

January futures price for North Sea Brent crude oil mixture fell 15 cents to $ 108.36 a barrel on the London exchange ICE Futures Europe.

Market Focus

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