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Oil falls despite the declaration of Saudi Arabia cut output
Date: 06/01/2017 12:17
Information / Baghdad ..
Oil prices fell Friday amid doubts some producers not to apply the output cuts that have been announced in a bid to curb global supply glut.
By 0756 GMT, it was trading the global London Brent crude futures at $ 56.76 a barrel, down 13 cents from the closing price in the previous session.
The total US crude West Texas Intermediate to $ 53.65 a barrel, down 11 cents from its price in another settlement.
Analysts said the current prices approaching breakeven levels in the budgets of a lot of producers, including not give mention to very large increases in the cases of sudden crashes did not occur room.
The decline on Friday, after prices rose in the previous session following the publication of reports on Saudi Arabia cut supplies and Abu Dhabi in the framework of the Organization of Petroleum Exporting Countries efforts Petroleum (OPEC) and senior independent producers to reduce global supply glut.
A survey for Reuters poll released this week that total OPEC supply in December was not only falling slightly to reach 34.18 million barrels per day of production averaged 34.38 million barrels per day in November. The survey was based on the navigation data and information from sources sector.
While traders said oil markets receive good support from the agreed cuts in production, but they pointed out that there are still doubts that all producers fully committed to the planned cuts.
Verendra Chauhan said the Energy Ospkedz oil analyst in Singapore "The ball is in the court for the application of OPEC cuts announced and prove the pessimists wrong." Finished / 25
http://almaalomah.info/2017/01/06/economic/119409
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