Oil is losing ground, but OPEC is still supporting the market

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The price of oil on Tuesday 2 April to 16.18 MSCS were decreased relative to the previous close of 0.2% to 68.88 per barrel.
The market of “black gold” after the updates on Tuesday, the highest since November last year (about 69.5 USD per barrel) slowed growth and even a little slide in the correction.
While support oil quotations is saved from the expectations of reduction in hydrocarbon production by OPEC countries agreement+. So, Minister of energy of Russia Alexander Novak said that oil production in the country in March fell by 225 thousand barrels per day to the levels of October last year of the planned 228 thousand. In April, the production volumes will remain at current levels.
Grown in March the index of business activity in China and the United States indicate the growth of these two largest economies in the world, which also supports the demand for fuel.
Meanwhile, the volume of oil production in the world’s largest Saudi field “Ghawar” (Ghawar) was significantly below market estimates and the data itself, Saudi Aramco. “Gavar” more than half of all hydrocarbon reserves of Saudi Arabia. Real oil production at this field reached 3.8 million barrels per day, although Saudi Aramco has stated that production there has for decades is much more than 5 million barrels a day, US Department of energy estimated it at 5.8 million. The total amount of Saudi production reached 12 million barrels per day.
The Euro vs dollar continues to “mark time” at the round level of 1.12. The dollar takes a strong position on the forex against the background of uncertainty associated with the British exit from the EU. Strong March data on indicators of business activity in the United States also supports the position of the American currency.
To 16.24 MSK the Euro is almost unchanged compared to the previous fixing about 1,1202 dollar.
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Denis Povtoreiko,
Financial scout,
Forex Club