Oil trying to cling to the mark of$ 62 a barrel

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The price of oil to 14.12 Moscow time on Monday 11 February decreased by 0.3% to the accounting period 61.92 dollars per barrel for Brent.
The market of “black gold” tries to cling round a level of 62 per dollar amid various factors. In particular, the us oil service company Baker Hughes estimated that the number of active oil rigs in the United States at the end of last week rose by seven pieces to 854. It is a signal about the increased level of hydrocarbon production in America, which is near record levels — nearly 12 million barrels per day, and this puts pressure on the oil quotes.
On the other hand, investors have not lost hope that the US and China can negotiate and establish trade relations. The Ministry of Commerce of China on Saturday confirmed that the next round of Sino-us trade negotiations will be held in Beijing on 14-15 February. In March, at the residence of the American President of Mar-a-Lago in South Florida can be a meeting of the leaders of the US and China Donald trump and XI Jinping with the signing of a trade agreement.
Meanwhile, the head of Russia’s largest oil company Rosneft, Sechin reported to the President of the Russian Federation that the reduction of oil production by OPEC countries+ created for the US, preferences, and has become a strategic threat to the development of the Russian oil industry.
American kancevica will have the opportunity to increase production and export of oil in late 2019 – early 2020, he said, when they were commissioned the pipelines from the centre of shale oil to ports in the Gulf of Mexico. While the tax burden of the American oil industry is about 35%, and Russian — about 80%, experts estimate.
The Euro-dollar remains under pressure and is already testing a round support level of 1.13. Pending trade negotiations between the US and China investors prefer protective of dollar assets, which supports the American currency.
To 14.11 GMT the Euro was down 0.2% to 1,1307 dollar, and earlier on Monday he was down to 1,1297 of the dollar — the lowest since January 24.
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Ivan Marchena,
Analyst
GK Forex Club