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24.02.2015 16:40

Oil: а review of the market situation

The price of oil rose during today's trading, while approaching to $ 60 (Brent) and $ 50 (WTI), which was due to the suspension of production in Libya, as well as news on Greece.

As it became known, Libya has stopped production at the field Sarir due to a power outage. However, traders and analysts said that, despite this, the supply of oil on the world market exceeds demand

Meanwhile, today the president of OPEC Diezani Allison-Madueke said that if the oil price will fall even more, it is very likely that some within the next 6 weeks will be convened an emergency meeting of the organization. She also noted that almost all of the OPEC countries, with the exception of the Arab countries feel in the current environment very uncomfortable. However, later OPEC representatives said that the organization does not plan to appoint a meeting before June. Recall the last meeting was held January 27, 2014, the next is scheduled for June 5th.

"In order for countries outside OPEC to reduce steel production, oil prices should stay low for at least the next four months," - analyst UBS Group Giovanni Staunovo.

The course of trade is also affected by expectations the publication of data on oil reserves in the United States. A Reuters poll showed that today's report from the American Petroleum Institute, and the report from the Energy Information Administration of the Government (released tomorrow) will point to the increase in inventories at the end of last week to 4 million. Barrels that will update a record high. Recall commercial oil reserves in the United States for the week ending February 13, jumped to a maximum of 80 years in 425.64 million barrels.

"It is becoming obvious that oil production in the US will slow down the growth of global production will be weaker, and demand, at least in the United States will respond positively to lower prices," Belgian Foreign experts of the British bank Barclays.

As for Greece, by the end teleconference, which lasted about an hour, the Eurogroup approved list of reforms proposed today by the authorities. However, the Finance Ministry urged eurozone Athens did not stop work on further expansion and deepening of the reform program. Eurogroup said that presented a reform plan is quite extensive to be the starting point. The Eurogroup agreed to begin discussions at the national level for a final decision on the extension of the current program of assistance for 4 months.

March futures price for US light crude oil WTI (Light Sweet Crude Oil) rose to 49.96 dollars per barrel on the New York Mercantile Exchange.

April futures price for North Sea petroleum mix of Brent increased by $ 0.68 to $ 59.70 a barrel on the London Stock Exchange ICE Futures Europe.

Market Focus

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  • German private sector output growth slowed for the second month running in July
  • ECB's Mersch says as conditions normalise, it is unlikely that uncoventional policies will remain necessary
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