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17.06.2014 15:40

Oil: an overview of the market situation

Cost of oil futures rose slightly, as there were signs of stabilization in the relations between Iran and the West, which in turn reduced concerns about the termination of oil supplies from the region.

It should be noted that last week, the price of Brent crude oil rose by about 4 percent, but the rally stopped, because the Iraqi government has intensified security measures.

Recall that in Iraq, producing about 3.5 million barrels a day last month, making it the 2nd largest oil producer in OPEC after Saudi Arabia.

Add that Iraq - not the only problem OPEC exporter. Iran and Libya extract much less possible amount due to the sanctions and internal problems. Also arise from supply disruptions in Nigeria. In addition, production in some countries outside the cartel fell unexpectedly. All hope is now Saudi Arabia, the world's largest exporter. To the oil market remained balanced, it will have to go to a record production levels in the second half.

The course of trade is also affected by expectations of the publication of data on oil reserves in the United States. The American Petroleum Institute will release its report on stocks later today, while a government report, scheduled for Wednesday may show that oil stocks rose 0.3 million barrels in the week ended June 13.

Also, investors are cautious on the eve of the political outcome of the upcoming Fed meeting on Wednesday, which will give an idea about the possible timing of raising interest rates.

Meanwhile, the secretary general of the Organization of Petroleum Exporting Countries (OPEC) Abdalla Salem el-Badri said today that the Russian-Ukrainian gas crisis provoked rise in oil prices by 2-3 per barrel According to the head of OPEC, "the market is nervous" because of the possible disruption of gas supplies to Europe. "

"The relationship between Russia and Ukraine is too strong. It - millions of barrels of oil and billions of cubic meters of gas per day. Mutual investments do not allow to solve problems through dialogue as otherwise wise people. The stakes are too high, "- said al-Badri. Yesterday the head of OPEC said that the current between Ukraine and the Russian situation will not affect world prices for gas.

Cost of the August futures on U.S. light crude oil WTI (Light Sweet Crude Oil) rose to $ 106.45 per barrel on the New York Mercantile Exchange (NYMEX).

August futures price for North Sea Brent crude oil mixture rose $ 0.68 to $ 113.67 a barrel on the London exchange ICE Futures Europe.

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