Client support: Phone: (+357) 22314160

FX & CFD trading involves significant risk


Show news:
  • All news
  • Currencies
  • Stocks
  • Commodities

06.11.2014 16:40

Oil: an overview of the market situation

Oil futures fell moderately, thus offsetting part of yesterday's promotion, which was associated with the expectations of the recovery of the largest producers of raw materials in Libya. On the eve of the work on al-Sharar were suspended because of an armed attack, and as a result of oil production in the country dropped by a third. According to Saxo Bank analyst Ole Hansen, the situation with the suspension of oil production indicates the chaos in which dwells Libya, and on how much may be unstable energy supply of the country. Earlier, Minister of Foreign Affairs of Venezuela, Rafael Ramirez after a meeting with the Minister of the oil industry in Saudi Arabia, Ali al-Nuaimi said that the collapse of oil prices causes widespread concern.

In addition, the prices pressured revised forecasts for oil demand from OPEC. In the short and medium term decline in oil production in the Organization of Petroleum Exporting Countries (OPEC) is likely to surpass the earlier forecasts. This assumption suggests that at some point the cartel can lower the upper limit of total production. According to the annual report on the global oil market, the end of 2017, oil production in the OPEC fell by 1.8 million barrels a day to 28.2 million barrels a day. In the current year, the average volume of production in the cartel is expected to reach 30 million barrels a day, which also corresponds to the current overall limit. The same last year forecast assumes a reduction in OPEC production by 1.1 million barrels per day by the end of 2017. Regular meeting of OPEC oil supplies which meet about a third of world demand, held on November 27. Although the results of the meeting of reducing the limit is not expected to released new projections indicate the prospect of lower production. Expectations regarding the OPEC cartel's production decline combined with short-term forecasts of growth in oil production from low-permeability rocks, which are sometimes also called shale oil.

The course of trading and continues to influence the last report on oil stocks in the US. According to the US Department of Energy, oil stocks in Cushing declined last week to 551 thousand. Barrels, with a decrease was observed for the first time in four weeks. This prompted a number of analysts to declare a "turning point."

"This is a turning point for the oil reserves in the US - they will begin to decline, with increased volumes of oil refining, due to the need to meet the growing anticipation of winter fuel demand - said raw analyst Woori Investment & Securities Co. Seoul Kang Yu Ying. - The price of oil is likely to rise in the next three months, as the low prices are unfavorable for producers of shale gas. "

The cost of December futures on US light crude oil WTI (Light Sweet Crude Oil) fell to $ 77.48 a barrel on the New York Mercantile Exchange (NYMEX).

December futures price for North Sea petroleum mix of mark Brent fell $ 0.75 to $ 82.42 a barrel on the London exchange ICE Futures Europe.

Market Focus

  • The Bank of Japan decided by a 7-2 majority vote to hold the interest rate at -0.10%
  • Earnings Season in U.S.: Major Reports of the Week
  • U.S. commercial crude oil inventories decreased by 4.7 million barrels from the previous week
  • Australian unemployment rate stable at 5.6% in June
July 2017
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013
  • 2012
  • 2011
  • 2010
  • 2009
  • 2008
  • 2007
  • 2006
  • 2005
  • 2004
  • 2003
  • 2002


All posted material is a marketing communication solely for informational purposes and reliance on this may lead to loss. Past performance is not a reliable indicator of future results. Please read our full disclaimer.

To maximize our visitors browsing experience TeleTrade uses cookies in our web services. By continuing to browse this site you agree to our use of cookies. If you disagree, you may change your browser settings at any time. Read more

  • © 2011-2017 TeleTrade-DJ International Consulting Ltd

    TeleTrade-DJ International Consulting Ltd is registered as a Cyprus Investment Firm (CIF) under registration number HE272810 and licensed by the Cyprus Securities and Exchange Commission (CySEC) under license number 158/11.

    The company operates in accordance with Markets in Financial Instruments Directive (MiFID).

  • The information on this website is for informational purposes only. All the services and information provided have been obtained from sources deemed to be reliable. TeleTrade-DJ International Consulting Ltd ("TeleTrade") and/or any third-party information providers provide the services and information without warranty of any kind. By using this information and services you agree that under no circumstances shall TeleTrade have any liability to any person or entity for any loss or damage in whole or part caused by reliance on such information and services.

  • TeleTrade cooperates with SafeCharge Limited, which is an electronic money institution authorized and regulated by the Central Bank of Cyprus and is a principal member of MasterCard Europe and Visa Europe. We also cooperate with Moneybookers and Neteller, which offer electronic e-wallet services authorized and regulated by the Financial Conduct Authority.

    Please read our full Terms of Use.

  • To maximize our visitors browsing experience TeleTrade uses cookies in our web services. By continuing to browse this site you agree to our use of cookies. If you disagree, you may change your browser settings at any time. Read more

    TeleTrade-DJ International Consulting Ltd currently does not provide its services to residents or nationals of the USA, and also doesn't provide retail Forex and CFD accounts to residents or nationals of Belgium.

Connect with Us
Share on
social networks
Request a callback
Top Page