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Oil futures rose today, restoring previously lost ground, as the data on the US labor market, reported an increase in employment of more than 200 million, improved the prospects of demand for fuel. Nevertheless, by the end of this week the price is still showing a negative trend.
Restrain the growth of yesterday's statements by the President of the European Central Bank, Mario Draghi, who noted that in a short time the bank will purchase the securities, and pointed to the implementation of innovative measures to support in the future.
Market participants are also watching developments in Libya, as local officials said they hope to soon resume work on the south field El Shararah after the country resolve the conflict between the local tribes after the attack militants who on Wednesday closed the place of production .
"The direction of the market will depend on the decision of OPEC production at a meeting on November 27. Chance of production cuts of 30-40%, "- said the director of the analysis of commodity markets, Societe Generale Singapore Mark Keenan. Add OPEC predicts the decline of its share of the global oil market by 5% by 2018 due to rapid growth of shale oil in the US. The Secretary General of the cartel, Abdullah al-Badri expressed confidence that prices will rise in the coming year.
Meanwhile, experts The Wall Street Journal citing representatives of the organization said that OPEC is likely to take action to stop the decline in oil prices, as soon as its price drops to $ 70 per barrel. Some members of OPEC, which was composed of 12 members met informally this week, ahead of a full meeting of the organization on November 27. This meeting took place against the backdrop of the severe decline in oil prices, at least for four years. Prices have fallen by more than 25% compared with summer rates, which leads to conversations that OPEC countries agreed to reduce the production ceiling to support prices. Especially because some of the group members are growing concerns about a possible attack on their budget.
The cost of December futures on US light crude oil WTI (Light Sweet Crude Oil) rose to $ 78.85 a barrel on the New York Mercantile Exchange (NYMEX).
December futures price for North Sea petroleum mix of mark Brent rose $ 0.81 to $ 83.59 a barrel on the London exchange ICE Futures Europe.
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