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Oil prices rose modestly today that marked the first time in four sessions, as investors try to assess the potential outcome of the OPEC meeting, which will take place next week.
Experts note that the main producers of OPEC do not want to reduce production quotas, and other members of the cartel, including Venezuela, called for measures to stabilize oil prices. On the eve of the president of Venezuela, Nicolas Maduro called a fair price for oil. "We say that the price of $ 100, or about 100 - the fair, and it took the world economy", - said the head of state. According to him, such a price is a guarantee of stability, diversification of investments in the oil industry on a global level.
Morgan Stanley analysts pointed out that the probability that the leadership of OPEC still decide to cut production, has recently increased.
"The market is waiting for the Vienna meeting of any changes - said a senior analyst at Tradition Energy Gene MakDzhillian. - OPEC must do something. The market is still under pressure, however nearing its bottom. "
Meanwhile, the control of OPEC from Libya and planning director at the Ministry of Petroleum Industry Samir Kamal said that OPEC countries at the meeting next Thursday agreed to reduce production to the limit set by the cartel of 30 million barrels per day. This will mean a reduction in production at 250-600 thousand. Barrels per day in an attempt to maintain the price of oil, which fell to a minimum of 4 years.
Support prices have also speculation that the strong economic growth in the US will increase demand. Today's data showed that home sales in the secondary market rose in October, exceeding forecasts of experts in this case. Last - a sign that the recovery in the housing market is regaining strength. National Association of Realtors (NAR) reported that seasonally adjusted sales of existing homes rose 1.5% last month, reaching an annual rate of 5.26 million. Units. The pace of sales for September were revised up to 5.18 million. With 5.17 million. Economists had expected housing sales amount to 5.16 million. Units. Compared to October last year, sales of existing homes rose 2.5% recorded in this first annual increase since the beginning of this year. We also add that the pace of sales in October were the highest since September 2013.
Meanwhile, Conference Board said its index of leading indicators (LEI) in the United States rose 0.9 percent in October to 105.2 (2004 = 100), after increasing 0.7 percent in September, and zero change in August . Expected to increase by 0.6 percent. Meanwhile, the coincident index increased 0.1 percent in October to 110.2 (2004 = 100), after increasing 0.3 percent in September. The lagging index decreased 0.1 percent in October to 124.9 (2004 = 100), after increasing 0.1 percent in September.
Cost January futures on US light crude oil WTI (Light Sweet Crude Oil) rose to 75.07 dollars a barrel on the New York Mercantile Exchange.
January futures price for North Sea petroleum mix of mark Brent rose $ 0.53 to $ 78.60 a barrel on the London exchange ICE Futures Europe.
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