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05.12.2013 16:40

Oil: an overview of the market situation

Oil prices rose slightly , closer to $ 111 per barrel (Brent), as many traders have begun to analyze , whether positive U.S. data prompt the Federal Reserve to start reducing its bond buying program .

Published today a report showed that U.S. gross domestic product grew by 3.6 per cent per annum in the third quarter , compared with the initial estimate of 2.8 % level , and experts forecast at around 3.1 %. It was also reported that the number of initial claims for unemployment benefits fell by 23 thousand - up to 298 000 , while fixing the third consecutive weekly decline .

Prices continue to provide support and information from the Administration 's energy , which were published earlier this week . They showed that oil stocks fell by 5.6 million barrels for the week ended November 29 , closer to the level of 36 million barrels.

Traders are also awaiting deteriorating weather conditions in the North Sea , which threaten to disrupt oil supplies from the region. Until now , however, is only one small oil platform was shut down by the storm .

The course of trade also affects the decision of the Organization of Petroleum Exporting Countries (OPEC), which yesterday kept its oil output at 30 million barrels per day. According to their estimates, the price of Brent crude will average $ 105 in 2014.

" Some members of the Organization of Petroleum Exporting Countries , in particular Saudi Arabia , admit the need to reduce production later in 2014 to prevent overproduction ," analysts said BNP Paribas SA and corporations Citigroup Inc. Iraq, Libya and Iran said they plan to increase exports in the next few months.

The price of January futures on U.S. light crude oil WTI (Light Sweet Crude Oil) rose to $ 97.94 a barrel on the New York Mercantile Exchange.

January futures price for North Sea Brent crude oil mixture rose 10 cents to $ 111.67 a barrel on the London exchange ICE Futures Europe.

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