Oil falls after rallying the support of the hopes of cooperation between Russia and OPEC
2016/1/28 13:36

{International: Euphrates News} Oil prices fell in futures about one percent in Asian trading on Thursday, to dissipate gains of nearly three percent in the previous session after Russia pointed to the possibility of cooperation with the Organization of Petroleum Exporting Countries {OPEC} to curb the glut of global supply.
The dollar weakened to the point of falling prices after the US Federal Reserve Board's decision {central bank} to keep the lending rate overnight rate unchanged and issuing a statement indicating that fears of global events has diminished but did not dispel the likelihood of higher interest rates in March.

Abed al-Sadoun, Undersecretary of the Ministry of Petroleum and Mineral Resources of Saudi Arabia corporate affairs, said Thursday in Tokyo that OPEC estimated global supply glut by about two million barrels per day.
He added Sadoun "Therefore, rebalancing the market will take some time." But he added: "We feel that the market will return to balance in 2016 and that demand for energy in all its forms will continue to increase."

By 0736 GMT, Brent crude fell 24 cents to $ 32.86 a barrel after rising 4.1 percent to $ 33.10 a barrel in the previous session.

US crude fell 31 cents to $ 31.99 a barrel, having achieved a gain of 2.7 percent at the settlement in the previous session, while increased 88 cents to $ 32.30 a barrel.
The head of the Transneft state-owned monopoly oil pipelines in Russia on Wednesday that the Russian energy sector officials have decided that he should hold talks with Saudi Arabia and other OPEC countries about reducing production to support oil prices.

The US Energy Information Administration on Wednesday that crude oil inventories in the United States jumped 8.4 million barrels last week, more than analysts had expected an increase of 3.3 million barrels. Thus, stocks reached their highest level since the Energy Information Administration began monitoring Albaanat.anthy