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The price of oil has increased significantly today, departing from the two-year low, which helped to reduce the production of reports of Saudi Arabia. Support prices also have macroeconomic indicators from Europe and China.
According to informed sources, the supply from Saudi Arabia decreased by 328 thousand. Barrels per day to 9.36 million barrels a day last month from 9.69 million in August this year. At the same time, oil production in Saudi Arabia increased from 9.6 million barrels per day in August to 9.7 million in September.
"All of a sudden Saudi Arabia reduces supply, and that should be enough, at least, to provide some support and stabilize the market" - said an analyst and broker Tradition Energy Gene Makdzhillian.
As for the data, they showed that the activity indicator in the manufacturing sector in China in October rose to 50.4 after September remained at a three-month low of 50.2. Value was higher than had been expected 50.2. This result can ease concerns about the pace of economic growth in China.
Meanwhile, a report on the euro area indicated that the composite index from Markit manufacturing rose to 52.2 in October from 10-month low of 52 in September. Projected to fall to 51.5. The index of purchasing managers in the services sector remained unchanged at 52.4 in October, when expected to decline to 52 Manufacturing PMI increased to 50.7 from 50.3 in September. Economists expected the index to decline to 50.
The course of trading yesterday also continue to influence the data on stocks. Recall US crude stocks rose 7.1 million barrels last week, the forecast of 2.7 million.
"Of course, a lot of oil, so the rapid growth of shale oil extraction. But if the upcoming winter will be cold in the United States, production may be reduced because it will become harder to extract oil, "- said an analyst at National Australia Bank Fin Zibell.
The cost of the November futures for the American light crude oil WTI (Light Sweet Crude Oil) rose to $ 81.94 a barrel on the New York Mercantile Exchange (NYMEX).
The price of December futures for North Sea Brent crude oil mixture rose $ 1.95 to $ 86.52 a barrel on the London exchange ICE Futures Europe.
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