Expectations of the rise of oil prices above the $ 70 a barrel
13/1/2018 12:00 am
[rtl]Production cuts led by OPEC and Russia
capitals / follow-up Mustafa Hashemi
Oil sources expected on Friday to continue the rise of crude prices above the level of $ 70 a barrel, especially after touching the price of Brent crude oil prices of $ 70 a barrel, while oil analysts expect the price of oil to $ 80 in 2018, but there are fears of The increasing imbalances of world oil supplies in OPEC countries, which could affect these expectations.
According to sources , "We believe that opportunities are available for the resumption of President upward trend during the next term, noting that our next president is at 71.10, while the price needs to remain above 68.55 to ensure the achievement of the proposed targets.
Weak movements have
seen crude oil price movements are weak during the Asian session On Friday after a significant rally on Thursday pushed it to its highest level since 2014 as crude oil prices continued to support
Crude oil futures traded at $ 63.57 a barrel after hitting a high of $ 63.70 a barrel, a Inaugurated yesterday 's session at the level of $ 63.45 a barrel. US stocks
Crude oil prices have risen sharply due to continued support from a decline in crude oil inventories due to OPEC production cuts this year to balance markets.
On the other hand, China's imports of crude oil during the month of December amounted to 34 million metric tons, while oil imports during the whole of 2017 rose by 10.1 percent to reach the level of 420 million metric tons, the highest level recorded.
The markets are waiting to report the number of oil rigs operating in the United States, to see developments in the rate of production in the United States continues to increase, which may reach 10 million barrels per day this year, the level reached by Saudi Arabia and Russia. Great gains
Oil prices fell sharply on Thursday, but managed to close at their highest level in three years after global benchmark crude hit the Brent crude at $ 70 a barrel on signs of supply shortfalls in the United States.
Brent crude for the day closed at $ 69.26 a barrel at $ 70.05 a barrel, its highest level since November 2014. Despite this, Brent recorded the highest close in three years.
The world benchmark has gained 5 percent since the beginning of the year, continuing a jump from late last year.
US benchmark WTI futures rose 23 cents to settle at $ 63.80 a barrel, the highest level since December 2014.
Oil continues to rise thanks to a steady and substantial decline in world supply, especially in the United States, the world's largest consumer.
The US Energy Information Administration said on Wednesday that crude stocks in the United States fell by about 5 million barrels last week to 419.5 million barrels. Production slowed by 300,000 bpd.
Prices have also been supported by OPEC and Russia-led production cuts, which are expected to continue until the end of