Crude oil prices fall with increasing doubts freeze production

[ltr]Crude oil prices fall with increasing doubts freeze production[/ltr]

 Since 04.14.2016 at 08:20 (Baghdad time)
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[ltr]Follow-up - the balance of News[/ltr]
[ltr]Futures for crude oil prices fell from new highs in four months in volatile trading after comments by the Russian Minister of Energy has increased doubts about the positive outcome of the meeting of producers to be held in Doha on Sunday to discuss the freeze of production.[/ltr]
[ltr]Prices have fallen after Reuters reported that Russian Energy Minister Alexander Novak said in a closed-door meeting with analysts in the energy sector that an agreement to freeze crude production is scheduled to sign this month in Doha will be loose and will not include detailed commitments to remember.[/ltr]
[ltr]Crude and gained support in recent weeks the likelihood of an agreement between OPEC and producers outside to strengthen prices, but analysts said that even if the contract agreement will do little to restore the balance between supply and demand.[/ltr]
[ltr]The decline in the global price of London Brent crude settled 51 cents to $ 44.18 a barrel, while US crude lost 41 cents to fall to $ 41.76 a barrel.[/ltr]
[ltr]News from Moscow came at a time when a large increase in US crude stocks data showed last week. The US Energy Information Administration on Wednesday that crude stocks in the United States jumped 6.6 million barrels last week to 536.53 million barrels, compared with analysts' expectations of an increase of 1.9 million barrels.[/ltr]
[ltr]But the biggest drop in gasoline expectations and a decline in US stocks of oil production eased the impact of the rise in crude inventories as gasoline inventories fell 4.2 million barrels to 239.76 million barrels, compared with analysts expectations for a fall of 1.4 million barrels.[/ltr]
[ltr]Traders said the market came under pressure earlier in the session, and fell more than two percent after comments Saudi Oil Minister Ali al-Naimi published by Al-Hayat newspaper on Wednesday in which he stressed again his country's position, which excludes production cut which is demanded by some producers.[/ltr]
[ltr]Al-Naimi said in response to a question about any possibility of production cuts, "Lance this subject."[/ltr]
[ltr]Iranian journalist also wrote a weekly bulletin master says on Twitter on Wednesday that his country would send a representative of the government, not the oil minister to attend the Doha meeting. It ended 29/4 e[/ltr]


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