Oil accumulates forces for a hike in the region of 70$

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The price of oil on Thursday 21 February 15.36 MSK decreased by 0.2% to 66,95 USD per barrel. The market of “black gold” stabiliziruemost near a new high since November of last year. Quotes react to data from the American petroleum Institute (API) on the growth of 1.26 million barrels in US inventories last week. Today will be similar to the official data of the U.S. Department of energy. Experts predict the growth of stocks by 3.08 million barrels.
The Minister of energy, industry and mineral resources Saudi Arabia Khalid al-falih estimated that the world oil market “will find its equilibrium” by April. OPEC+ intend their actions to reduce the volume of world oil reserves to the average for the five-year period indicator.
Meanwhile, Norway in January lowered the volume of liquid hydrocarbon production at its oil and gas fields by 30 thousand barrels per day (1.6 percent) to the level of December last year to 1,822 million barrels a day.
The pair Euro-dollar stabiliziruemost the level of about 1,135. Market regains data on the growth of the composite index of business activity in industry and services (PMI) in the Eurozone. In February, he rose to 51.4 points from 51 points in January. The indicator of the industrial component fell to 49.2 from January’s level of 50.5 points. This was a minimum value for the 68 months.
A few weeks ago, the European Commission has reduced the forecast for GDP growth in the Eurozone for the current year to 1.3 percent from the previous autumn assessment of 1.9%. Inflation forecast lowered to 1.4% from 1.8%.
To 15.35 GMT the Euro was 0.1 percent from the start of trading on the last fixing and was 1,1352 dollar.
Ivan Marchena,
Forex Club