Oil is still on the same lines by resisting external negativity

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The price of oil to 13.49 GMT. Thursday 7 February decreased by 0.3% to totals 62.52 $ per barrel for Brent. The market of “black gold” stabiliziruemost around 62.5 per dollar amid contradictory statistics. So, the oil reserves in the United States, according to the us Department of energy for the previous week rose less than expected (1.3 million barrels vs 1.4 million), but oil production in the country during this period amounted to a record 11.9 million barrels per day, unchanged from last week.
Meanwhile, France’s Total has discovered deposits of gas condensate in the well Brulpadda in block 11B/12B in the Outeniqua basin about 175 km South of the coast of Africa. The operator of the block is Total with a share of 45%, other partners are Qatar Petroleum (25%), CNR international (20%) and the South African consortium’s Main Street (10%).
The very same Total announced the transfer of the management activities in Venezuela, from Houston to Europe amid a political crisis in the country and US sanctions against Caracas.
The Euro-dollar remains under pressure below the level of 1,135 on the background of weak statistics in the Eurozone’s largest economy.
So, in December of last year the volume of industrial production in Germany fell by 0.4% in monthly terms. Analysts were expecting growth of 0.7%.
To 13.49 GMT the Euro was down 0.2% to 1,1336 dollar.
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Ivan Marchena,
Analyst
GK Forex Club