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02.12.2014 11:20

Oil: prices under pressure after yesterday’s gains

Oil prices were further under pressure after recouping losses yesterday with a rally from five-year lows helped by the depreciation of the US dollar. Earlier on Monday 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. In today's trading session Brent Crude lost and is trading -1.05% at USD71.78 a barrel, and WTI Crude lost -1.28% currently quoted at USD68.12. Today a report that that oil exports from northern Iraq will be boosted weighed on oil prices. 250,000 barrels a day of crude will be exported from Kurdish oil fields, and 300,000 barrels from the Kirkuk field, according to Bloomberg.

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