Oil went back on the rise on news of production cuts

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The price of Brent crude oil on Friday 12 April to 16.37 GMT increased relative to the previous close of 0.9% to 71,45 dollars per barrel. Pending upgrade oil quotations five-month highs slightly below $ 72 per barrel.
The market of “black gold” again went to the rise on the news of the reduction in OPEC production. In March, the figure amounted to 530 thousand barrels per day. While the U.S. government’s EIA (Energy Information Administration) reported in February, the beginning of the fall in commercial oil stocks in OECD countries after a phase of their growth.
Oil “bulls” continue to react to the reduction of oil production in Venezuela due to recent massive power outages in the country. US sanctions against Iran also support concerns about the reduction of oil supplies to the world market.
Meanwhile, us oil major Chevron has agreed to purchase for $ 33 billion oil and gas Anadarko Petroleum Corporation. Price of one share of Anadarko Petroleum in the framework of the transaction is $ 65, 75% of the transaction will be stock and 25% cash. To complete the transaction is expected in the second half.
The Euro against the dollar rises and consolidates above the level of 1.13. Support comes from macroeconomic data. Thus, the volume of industrial production in the Eurozone in February dropped by 0.2% mom and 0.3% yoy. Experts predicted, respectively, reduction rate of 0.5% and 1%.
To 16.36 Moscow time the Euro exchange rate increased from the start of trading on the last fixing of 0.5% and was equal to of 1.1315 USD.
Denis Povtoreiko,
Financial scout,
Forex Club