Oil rises limited gains By sd sd -September 7, 2016
Oil rises limited gains
By sd sd -September 7, 2016
Treasures Media / Baghdad ..
Oil prices offset the losses incurred earlier in the session to rise on Wednesday, partly due to the weak dollar, but gains were limited as the market is still skeptical about the possibility of reaching agreement on the producers to freeze the level of production to contain the global supply glut.
By 0643 GMT, Brent crude November delivery 23 cents to $ 47.49 a barrel, after having finished the transaction on Tuesday, down 37 cents.
US Crude for October delivery 22 cents to $ 45.05 a barrel.
Sources in the sector should support the dollar's decline in oil prices in the wake of weak US economic data, making dollar-denominated crude less expensive for holders of other currencies.
The price of oil climbed to the highest level in a week on Monday after Russia and Saudi Arabia agree to cooperate in order to stabilize the oil market, but have since retreated due to increasing uncertainty regarding the agreement.
It is expected to discuss the members of the Organization of Petroleum Exporting Countries Countries (OPEC) and independent producers such as Russia to install the level of production in informal talks between the 26 and 28 September.
Preliminary data showed in a Reuters survey on Tuesday that it is likely 100 thousand barrels a decline in US crude inventories last week after rising over two consecutive weeks.
The survey showed that it is also likely to decline in fuel stocks of 500 thousand barrels while the expected increase in distillate stocks million barrels.
Declares the American Petroleum Institute weekly oil data day after day earlier than usual due to the long weekend http://www.knoozmedia.com/152216/%D8%A7%D9%84%D9%86%D9%81%D8%B7-%D9%8A%D8%B1%D8%AA%D9%81%D8%B9-%D8%A8%D9%85%D9%83%D8%A7%D8%B3%D8%A8-%D9%85%D8%AD%D8%AF%D9%88%D8%AF%D8%A9/