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20.10.2014 15:40

Oil: an overview of the market situation

The cost of oil futures declined substantially, as market participants remain concerned about the prospects of the global economy and its impact on the demand for raw materials. Pressure on prices also have a speculation that the Organization of Petroleum Exporting Countries will not cut production to support oil prices. Recall November 27 oil ministers of the OPEC countries have planned a meeting in Vienna in which intend to consider the advisability of adjusting the current production at the level of 30 million barrels per day at the beginning of 2015.

"It is unlikely that the recent recovery in prices will continue until such time as we get the exact content by OPEC to cut production", - the expert said Carsten Fritsch Commerzbank. He and several other analysts do not exclude a further decline in oil prices. "Testing in the range of 75-80 dollars per barrel can occur on the current or next week," - says economist ABN Amro Bank in Amsterdam Hans van Kleef.

It is worth emphasizing that the world's reserves are way ahead of demand in recent months. Earlier report showed that oil production in the OPEC reached in September two-year high of 31 million barrels per day, due to increased production volumes in Iraq and Libya.

Market participants are preparing for tomorrow's publication of a number of economic indicators in China, which will give a clue as to the strength of the economic recovery and future course. Recent economic performance of China noted that the recovery remains uncertain and may require further monetary stimulus.

Little support prices have reported that an Iranian president Hassan Rouhani gave an indication of the Ministry of Oil to use "diplomatic means" to prevent a further fall in prices. "This news once again emphasizes that oil producers are concerned about the decline in share price, - the analyst said CMC Markets Michael Hughes. - None of the major countries, OPEC, will not be able to survive long periods without serious consequences, during which oil will cost less than $ 85 per barrel. "

The cost of the November futures for the American light crude oil WTI (Light Sweet Crude Oil) fell to $ 81.10 a barrel on the New York Mercantile Exchange (NYMEX).

Price of December futures for North Sea Brent crude oil mixture fell $ 1.58 to $ 84.84 a barrel on the London exchange ICE Futures Europe.

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