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01.12.2014 16:40

Oil: A review of the market situation

The cost of oil futures rose today by more than 2%, departing from the five-year low, helped by the depreciation of the US dollar.

Earlier today futures fell to their lowest level since 2009, as investors opened short positions in anticipation of lower prices in response to OPEC's decision last week to maintain current levels of production of raw materials. Concerns over weakening global demand and reported that OPEC producers do not intend to reduce output, had a significant pressure on prices in recent months.

"The market is still a lot of panic," - said principal analyst for oil in the Energy Aspects Amrita Sen. "As soon as the panic subsides, the price of Brent, the likely stabilize at around $ 65-80 per barrel in the short term."

Little influenced by today's data on China. In November, the index of purchasing managers in the manufacturing of China from HSBC, the national index of manufacturing activity fell to a six-month low of 50.0 compared to 50.4 in October, said HSBC Holdings PLC. The index value below 50 indicates a contraction of manufacturing activity compared with the previous month, while the value of the above indicates expansion. "The growth of domestic demand was slow, while new export orders fell to five-month low," - said the chief economist at HSBC Qu Hongbin China. Final figures were unchanged from the preliminary PMI (50.0). "Deflationary pressure remains strong and the labor market continue to weaken," - says Koo. We also add the official manufacturing PMI fell to 50.3 in November from 50.8 in October.

Meanwhile, Bloomberg, referring to the statements of analysts said that may reduce the cost of the hydrocarbons to around $ 40 per barrel. World oil prices may continue to fall and fall as long as the cost of oil producers to compensate for existing fields. Representative of the British Chatham House Paul Stevens said that the US shale oil can pay off even if the quotes around $ 40 per barrel. The International Energy Agency (IEA) believe that oil production in North America will be unprofitable at a cost of $ 42 a barrel.

Cost of January futures for US light crude oil WTI (Light Sweet Crude Oil) rose to 68.09 dollars per barrel on the New York Mercantile Exchange.

January futures price for North Sea petroleum mix of Brent rose $ 3.34, to $ 72.06 a barrel on the London Stock Exchange ICE Futures Europe.

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