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16.12.2014 16:40

Oil: a review of the market situation

The price of oil rose moderately after earlier today for the first time since 2009, close to $ 59 per barrel (mark Brent), which was associated with a decrease in activity in the manufacturing sector in China and the weakening of currencies of developing countries.

Previously presented data showed that business activity in the manufacturing industry in China in December fell to 7-month low. Preliminary index of purchasing managers (PMI) of China's processing industry, calculated by HSBC and Markit Economics, dropped to 49.5 points from 50 points in November. Analysts on average expected 49.8 points. Value below 50 indicates a contraction of manufacturing activity compared with the previous month, while the figure above 50 indicates growth. The data suggest the decline in the Chinese economy, despite the loose monetary policy of the Central Bank of the country.

Analysts say that the oil market is also affected by the deterioration of the economies of developing countries and the depreciation of their currencies. The Bank of Russia on Monday raised its key repo rate once a week by 6.5 percentage points to 17 per cent per annum, trying to stop a collapse of the ruble.

Meanwhile, experts Goldman Sachs today announced that future oil projects worth $ 930 billion is under threat because of falling prices for it to about $ 60 per barrel. Refusal of the development of these projects will decrease in production in the world in the next 10 years to 7.5 million barrels per day (b / d), which is about 8% of the current global demand for oil. According to experts, an overabundance of oil, which has caused a drop in prices, could soon disappear as major oil producers will postpone the launch expensive projects, which, in turn, affect the production of gasoline, fuel oil and chemicals.

Market participants also gradually transferred his attention to the meeting of the Federal Reserve System, which should begin later today and give clues on the timing of rate increases in the future.

Cost of January futures for US light crude oil WTI (Light Sweet Crude Oil) rose to 56.82 dollars per barrel on the New York Mercantile Exchange.

January futures price for North Sea petroleum mix of Brent increased by $ 0.10 to $ 60.47 a barrel on the London Stock Exchange ICE Futures Europe.

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