Oil: the report of the US Department of energy against rising prices

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On Thursday, the oil market moved in two stages – initially quotes gradually slid in a southerly direction, but with psychological support near the $60 mark, rebounded, finishing the day with minimal losses slightly above $61.
The mood of the market participants spoiled the report of the energy Ministry, which traders digested most of the day. A new record for the production of 11.9 million barrels per day confused players who over the past few weeks have seen the stagnation of crude oil production in the United States. And a new round of growth activity in the shale deposits is accompanied by growing concerns about slowing global demand.
In contrast to this picture made the news from OPEC. In December, the daily production black gold countries of the cartel declined by nearly 800 thousand barrels and is close to the October level. Meanwhile, Russian energy Minister Alexander Novak said that Russia will attempt to accelerate the reduction of production in the transaction.
New verbal intervention helped a little in the process, Brent rebound from daily lows, but did not impress investors, who are now more concerned with demand prospects.
The main positivity brings progress in trade negotiations, which confirms the dynamics of the morning Brent, which is close to testing the $62 on the new wave of conversations about a deal between the US and China. So new positive comments on this front during the day is able to strengthen the position of the barrel.
Michael Mashchenko,
Analyst social network for investors
eToro in Russia and the CIS