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19.12.2014 16:40

Oil: a review of the market situation

Oil prices rose moderately, rising above $ 60 per barrel (Brent), and depart from the 5.5-year low, as investors try to balance position by the end of the year after a six-month decline in prices.

But despite the rise in price of oil is now on the way to his fourth consecutive weekly decline, due to OPEC's decision to abandon production cuts, despite the huge global reserves. Prices for Brent and WTI fell almost doubled since June, and many investors expect further fall if production decreases or the demand will not grow.

"After a long and a sharp drop in oil prices in recent days, there has been interest in buying, but selling pressure is maintained," - said the expert Newedge Japan Ken Hasegawa. Many oil companies have announced plans to cut costs in the coming year, as lower oil prices made some projects uneconomical. "But at the moment there is no significant production decline, and the balance of supply and demand does not change, so that prices may fall further," - said Hasegawa.

Little influenced by data from the American Petroleum Institute (API), which showed that oil production in the US for the first time in 28 years last month exceeded 9 million barrels per day. US rocked in November 9.06 million barrels of oil per day - 15% more than last year, and a daily maximum value in March 1986. For November, the highest rate since 1973. The growth of oil production in the United States contributed shale boom. US refineries processed a record 16.3 million for November. Barrels per day. Gasoline production increased by 0.6% to a record 9.54 million for November. Bpd.

Meanwhile, earlier today, Iraqi MP Haitham al-Dzhiburi said that Iraq will stop new investments in oil projects if oil prices fall to $ 50 per barrel. Iraq's draft budget for 2015 based on an average oil price of $ 70 per barrel.

Cost of January futures for US light crude oil WTI (Light Sweet Crude Oil) rose to 55.80 dollars per barrel on the New York Mercantile Exchange.

January futures price for North Sea petroleum mix of Brent rose $ 0.74 to $ 60.55 a barrel on the London Stock Exchange ICE Futures Europe.

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