Oil markets breathe a sigh of relief after the decline in US crude production

2016/3/9 15:52

Oil markets breathe a sigh of relief after the decline in US crude production
{International: Euphrates News} Oil prices rose slightly on Wednesday, as the support that he found in the depreciation of the US crude production was offset by a stronger dollar, and fears of slowing demand.
The total price of US crude futures to $ 36.63 a barrel by 11:18 Moscow time, an increase of 13 cents, or 0.36% from the previous settlement price, up 40% from its lowest level in 2016, which hit in February,
The price of the global Brent crude Brent blend {} to $ 39.84 a barrel, up 19 cents, or 0.48% from its lowest level in 2016 reached in January. "
The price of oil has jumped earlier this week, where the combination exceeds {} Brent below $ 40 a barrel during trading on Monday, for the first time since the beginning of this year.
Analysts see the decline in US production provides support to the market, but fears of a slowdown in demand and the current glut in production and inventory global Tqlassan chances of gains higher prices.
Moreover opportunities freeze production levels are related to coordination between producers to stop growing oversupply, which more than a million barrels a day over the volume of consumption, at a time when Kuwait said a member of the Organization {OPEC} it would not abide by the freeze unless attended by all the major producers including including Iran.
Among the key factors that affect the balance of the US production market, which the government predicted that up to 8.19 million barrels per day in 2017, down from more than 9 million barrels per day currently.
Also expects US Department of Energy, the shale oil production declines in the fields the largest US oil-producing and gas regions in the April / May by 106 thousand barrels compared with the current month, ie to the level of 4.871 million barrels per day.
It is expected the new data on US production release later on Wednesday. Ended h