The oil price firmly remained above 60 $ per barrel

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The price of oil on Thursday 31 January to 17.07 GMT. increased by 0.7% to 61,94 dollars per barrel for Brent. “Black gold” has slowed down in growth after rising in the previous two days. The reduction in the supply of Venezuelan oil on the world market because of U.S. sanctions caused the price increase and keep price levels high.
In particular, the market reported that Petrochina intends to abandon the partnership with the Venezuelan state company PDVSA on a planned project to build an oil refinery and petrochemical complex in the southern Chinese province of Guangdong. The planned capacity of the refinery was 400 thousand barrels of Venezuelan oil per day.
Meanwhile, a tanker carrying refined oil needed for dilution of the heavy oil in the production process, turned halfway from the US to Venezuela. This happened on the backdrop of the American sanctions against the South American country. The vessel Horizon Aphrodite, which was reserved American “daughter” PDVSA Citgo Petroleum, has changed the route in the Gulf of Mexico.
The pair Euro-dollar remained stable after gains yesterday of more than 0.5 per cent in district level of 1.15 on forex. Market players continued to digest the soft decisions and comments of the fed’s monetary policy (DCT). On the eve of the regulator has maintained the base rate unchanged at 2.25-2.5% per annum.
In this case the regulator, given the financial market conditions and restrained inflationary pressures, promised to be “patient” in determining future adjustments to target range of the base interest rate. Markets considered this a signal for a pause in tightening monetary-credit policy in the United States.
For 17.05 MSK the Euro fluctuated around 1,1488 dollar vs last fixing at the level of 1,1487 dollar.
Ivan Marchena,
GK Forex Club