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23.02.2015 16:40

Oil: а review of the market situation

Oil prices fell today, dropping at the same time below $ 60 (Brent) and $ 50 (WTI), which was due to concerns about oversupply and continued growth of the dollar.

Pressure also had a government report that showed last week that US crude stocks rose to their highest level in at least 80 years, indicating that the low prices have not affected the production. Meanwhile, industry research group Baker Hughes reported that the number of drilling rigs for oil in the US fell by only 37 last week, showing the smallest weekly drop this year, compared with a decrease of 84 rigs in the previous week. The number of drilling rigs for oil in the US is 1019, which is the minimum in August 2011.

The focus was also news that Oman plans to increase oil production in the conditions of oversupply in the market. Earlier, Deputy Minister of Oil and Gas Industry of Oman Salim al 'Awfi said that this year the volume of oil production will be increased to 980 thousand. Barrels daily, which is 4% higher compared to 2013. But serious decline in supply of oil and rising prices in the near future should not be expected. Analysts say that as long as the world does not happen a significant reduction in oil production and increase economic activity in the United States and China, the market will remain highly volatile. US Energy Information Administration in 2015-2016 still expects growth of production and the expansion of oil reserves in the country, contrary to expectations that production will decline because of falling world prices.

It should also be emphasized that the oil came under pressure as the biggest strike since 1980 at US refineries extended for another 12 enterprises. Experts say that any breach of the supply from these plants can seriously affect the demand.

Meanwhile, investors remain cautious, because today Athens must submit a list of reforms to the country's creditors to provide bailout extension for another four months, which would gain time to reach new agreements with creditors.

March futures price for US light crude oil WTI (Light Sweet Crude Oil) dropped to 49.38 dollars per barrel on the New York Mercantile Exchange.

April futures price for North Sea Brent crude oil mix fell $ 0.31 to $ 59.72 a barrel on the London Stock Exchange ICE Futures Europe.

Market Focus

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  • Australian unemployment rate stable at 5.6% in June
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