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03.12.2013 16:40

Oil: an overview of the market situation

Oil prices rose sharply , reaching with its highest level in a month, after a TransCanada Corp. stated that in January will begin construction of a pipeline to deliver oil to Texas from Oklahoma. Recall that last month the president of the Canadian Petroleum korporatsiiTransCanada Russ Girling said the start of construction of the northern section of the pipeline from Canada through the U.S. Gulf of Mexico once again postponed, and its operation will not begin until 2016 . This pipeline project , called Keystone XL ( for oil exports from the large deposits of oil sands in Alberta, Canada, to the south of the United States , where the main refineries in the U.S. and major offshore oil terminals) - became the subject of the most heated debate.

Add that world oil prices also continue to rise in anticipation of data U.S. crude stocks and OPEC meeting . Note that today released its weekly report on wholesale inventories of raw materials in the U.S. from the American Petroleum Institute (API), assumed that for the week ending November 29 , on Wednesday will announce their reduction by 700 thousand barrels. Another deviation from the median forecasts in the direction of growth of more than 500 thousand barrels may again put pressure on prices.

On Wednesday in Vienna will be a meeting of the OPEC countries . Most analysts agree that the allocation of quotas will not be change . At the same time, the cartel members may report an increase in export volumes.

In addition, the U.S. Department of Energy on Wednesday will present its assessment on oil at wholesale stores of the country this week . According to experts, the first time in 11 weeks, a decline of 700,000 barrels.

Meanwhile, add that little pressure on the bidding had data for China . Official index of business activity in the non-manufacturing sector in China in November fell slightly to 56.0 . In October, the index was at 56.3 , but the index continues to show the stability of China's economy. Data released on Sunday by the index of business activity in the industry has shown that activity is at 18 - month high .

The price of January futures on U.S. light crude oil WTI (Light Sweet Crude Oil) rose to $ 95.77 a barrel on the New York Mercantile Exchange.

January futures price for North Sea Brent crude oil mixture rose 99 cents to $ 112.39 a barrel on London's ICE Futures Europe exchange

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  • Australian unemployment rate stable at 5.6% in June
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