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Expectations of the decline of oil prices again
10/1/2018 12:00 am [rtl]American crude at the highest price since 2015 Singapore / Morning follow-up In line with expectations of stable crude oil prices at globally acceptable levels, US crude prices again rallied to their highest level since 2015 on Tuesday as speculators bet on higher futures prices amid OPEC-led production cuts and declining US drilling activity, but some warned that the rally May lose its momentum. By 0751 GMT, the price of West Texas Intermediate crude futures was $ 62.16 a barrel, up 43 cents, or 0.7 percent, from the previous settlement. Earlier, crude hit a peak of $ 62.56 a barrel in May. Crude Market In addition to matching the 2015 low for trading for a short time, Tuesday's trough is the highest level of WTI since December 2014 when the crude market started to fall. Brent crude for the year was $ 68.11 a barrel, up 33 cents, or 0.5 percent, from the previous close. Brent last week hit its highest level since May 2015 at $ 68.27 a barrel. Oil production "The decline in oil stocks in most consumer countries and the agreement to determine the oil production will make the prices of crude acceptable and within levels that do not allow the decline witnessed in world markets years ago, and caused great losses to the producing countries," said economist Ahmed Makluf. "The importance of working on the development of strategic plans in the rent countries include investment of any increase in imports in the revival of productive sectors, which is one of the financial revenues of the countries," and urged "the need for Iraq to move towards manufacturing industries in the coming period, which will double its revenues, And address some economic problems. " The gap narrowed Traders said prices were mainly supported by speculations in crude contracts, betting on a narrowing gap between supply and demand in the market following production cuts led by the Organization of the Petroleum Exporting Countries (OPEC) and Russia, which began a year ago and continue until the end of 2018. Drilling platforms The dealers said the slight decline In the number of oil drilling platforms in the United States supports US crude. The number of drilling rigs dropped by five to 742 in the week ending January 5, according to Baker Hughes Oil Services. Despite the recent rally, which has raised crude prices by more than 10 percent since early December, some warn that markets are ahead of events. American excavators are still well above the low level of 316 drilling in June 2016. American crude production is expected to exceed 10 million bpd soon, reaching a level that only Saudi Arabia and Russia have achieved so far [/rtl] [rtl]http://www.alsabaah.iq/ArticleShow.aspx?ID=150740[/rtl] |
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