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15.12.2014 16:40

Oil: a review of the market situation

Oil prices are mixed, but remain near multi-year lows after, due to the statement by the Minister of Energy UAE, expectations of economic data on China and the forthcoming meeting of the Fed.

Recall UAE Energy Minister Mohammed Suhail al-Mazrui said the Organization of Petroleum Exporting Countries (OPEC) will not back down from its decision to keep oil production quotas, even if oil prices fall to $ 40 per barrel. The minister said that OPEC will wait at least three months prior to the convening of an extraordinary meeting. Previous OPEC meeting held in Vienna on 27 November next is scheduled for June 5th. "We are not ready to change his mind just because prices have fallen to $ 60 or $ 40 per barrel - said S.Aliyev-Mazrui at a conference in Dubai. - We do not targetiruem any price, the market will stabilize itself." According to the representative of the United Arab Emirates, the current situation does not require an emergency meeting of OPEC.

The course of trading also influenced today's message from the Central Bank of China, which stated that China's economic growth to slow again in 2015, falling to 7.1% from 7.4% this year. "The Chinese economy is undergoing a period of transformation, which leads to a slowdown in its development", - said the publication of data, chief economist of the People's Bank of China Ma Jun. He said the slowdown in the first place happens due to lower inflows to the Chinese real estate market. "However, despite this, the employment rate and the price level during the year will remain stable, the Chinese economy will be more prerequisites for sustainable growth," - said Ma Jun.

The report of the People's Bank of China noted that due to the recovery in global growth at the end of next year we can expect an increase of Chinese exports. However, the decisions taken by the Fed are a threat to the anticipated growth.

Investors remained cautious ahead of the upcoming policy meeting on Wednesday, the Fed, as the continuing speculation about the prospect of a rate hike in the US next year, fueled by expectations that the US central bank may adjust their forecasts.

Cost of January futures for US light crude oil WTI (Light Sweet Crude Oil) dropped to 56.45 dollars per barrel on the New York Mercantile Exchange.

January futures price for North Sea petroleum mix of Brent rose $ 0.05 to $ 61.11 a barrel on the London Stock Exchange ICE Futures Europe.

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