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25.03.2014 16:00

Oil: an overview of the market situation

Oil prices rose slightly , due to concerns about further decline in production in Libya and hopes for economic stimulus measures in China.

Today, the National Oil Corporation said that oil production in Libya on Tuesday will decrease by 80,000 bpd to 150,000 bpd due to stop production at the field El Feel, due to the overlapping of the pipeline leading to the port of Melita .

"The situation in Libya to the extraction worse and worse, not including offshore oil and gas production has almost stopped ," - said analyst Olivier Jakob Petromatrix .

Hopes that China , the second largest oil consumer in the world, will act to support the economy by supporting prices. Stronger Chinese growth is likely to increase demand for oil and other commodities such as copper.

On the price of oil also affect the outcome of the meeting of leaders of the "Big Seven" , where it was decided to suspend cooperation with Russia in the G8 . Russian leaders also threatened sanctions against a number of sectors in the case of a further escalation of tensions in the Ukraine.

"Currently, the growth of the oil market is still worth geopolitics, mainly related events with Ukraine. Changes in the balance of supply and demand seem to have not such a strong impact on the market . Incoming news reinforce concerns about the fact that the crisis between the West and Russia may increase " , - said Saxo Bank strategist Ole Hansen .

We also add that investors expect the weekly U.S. inventory data to gauge the strength of oil demand from the largest consumer in the world.

Recall that today the American Petroleum Institute will release its report on stocks , while a government report , scheduled for Wednesday may show that oil stocks rose 2.5 million barrels in the week ended March 21. Data are also expected to show that stocks of distillates , including heating oil and diesel, fell by 1.1 million barrels , while gasoline stocks are projected to have declined by 1.7 million barrels.

May futures for U.S. light crude oil WTI (Light Sweet Crude Oil) rose to $ 100.07 per barrel on the New York Mercantile Exchange (NYMEX).

May futures price for North Sea Brent crude oil mixture rose $ 0.72 to $ 107.21 a barrel on the London exchange ICE Futures Europe.

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