Market news

19 September 2016

OIl prices rose today

Oil prices mark the rise after Sunday Venezuelan President Nicolas Maduro said that OPEC and its member exporters are "close" to reaching an agreement on the oil market stabilization and that it aims to ensure that the agreement may be announced as early as this month.

OPEC members will discuss potential limitation of production in the course of an informal meeting on the sidelines of the International Energy Conference in Algiers on September 26-28.

But many market participants doubt that the forthcoming meeting in late September will conclude with the adoption of any reduction of the global overproduction measures. Most of them believe that instead, oil producers will continue to monitor the market, postponing negotiations on freezing before the official meeting of OPEC in Vienna, scheduled for 30 November.

Earlier this year, an attempt to co-freeze level of production was not a success because of the refusal of Saudi Arabia to sign the agreement without the participation of Iran.

On Friday, Brent crude fell 82 cents, or 1.76% and for the week fell $ 4.67%, amid growing concerns about a possible increase in oil supplies from Libya and Nigeria.

Reports of the fighting in the Libyan oil ports provide additional support to the growth of prices. East Libyan forces announced the restoration of control over the two ports after the counter militants managed to capture one of the terminals for a while.

On Friday, WTI crude oil futures fell to a five-week low of $ 43.35, as signs of continued recovery of drilling activity in the US have increased concern about global oversaturation proposal.

Baker Hughes reported that the number of oil rigs in the US increased by 2 per week to 416, increasing the 11th week of the last 12.

The cost of the October futures for US light crude oil WTI (Light Sweet Crude Oil) rose to 44.13 dollars per barrel on the New York Mercantile Exchange.

November futures price for North Sea petroleum mix of Brent crude rose to 46.85 dollars a barrel on the London Stock Exchange ICE Futures Europe.

Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer.

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