Oil prices fall after dwindling chances of producers meeting 2/3/2016
Oil prices fall after dwindling chances of producers meeting
2/3/2016 0 Comments
Damaged oil market, the impact of weak data from South Korea, China and receding expectations coordinator to cut production by major countries exporting crude.
As oil prices fell more than three percent after it reinforces concerns about China's demand of crude that was in the world's largest consumer time under Rzouh market under the weight of a big glut in supply, as data released from South Korea bleak as exports to levels not seen down Asian state since the global financial crisis in 2009.
And Brent futures were trading at $ 34.99 a barrel.
While the price of West Texas Intermediate crude down US $ 2.29 to US $ 32.85 a barrel, oil prices suffered the biggest losses, with dash hopes to adopt a coordinated cut production by exporters such as Russia and OPEC organization because of differences
Goldman Sachs said «do not expect such a reduction is global growth did not weaken much from current levels and this is not what you expect Aguetsadiona.»
According to «AFP» In its report, the decline in oil in Asia came because of the high price of the dollar, which makes crude priced in the US currency, more expensive for some investors.
The dollar rose after the announcement of the BoJ (Bank of Japan) to adopt the negative interest rate policy to stimulate economic activity. With a drop of light sweet crude for March delivery up 49 cents to $ 33.13. The price of a barrel of the European benchmark Brent for March delivery lost 53 cents also fell to $ 35.46. And continue to «AFP»: and affected oil markets since mid-2014 offer bumper in the United States and OPEC, Russia and recorded a further decline since the end of 2015.
Said Daniel Wang, an analyst at Phillip Vetcherz group in Singapore: The «oil stops rising, especially due to the high price of the dollar as a result of the sudden decision of the Bank of Japan's interest rate
The high price of the dollar makes the price of a barrel of oil necessarily more expensive to investors dealing in other currencies, leading to lower demand and falling prices.
Oil prices closed earlier on the rise at the end of the month saw the black gold prices fell to its lowest level especially because of the abundance