Oil prices rise weakly, Brent has risen in price to $of 53.01 per barrel
The price of oil rise slightly on Friday, but finish the week down.
The cost of June futures for Brent crude on the London ICE Futures exchange to 8:05 kV rose to $0,02 (0,04%) to $of 53.01 per barrel. By the close of market on Thursday futures rose in price by $0,06 (0,11%) – to $52.99 per barrel.
Futures price for WTI crude oil for June on the electronic trading on the new York Mercantile exchange (NYMEX) has increased by this time to $0,04 (0,08%) to $50,75 per barrel. The contract fell $0.14 (0.28 percent) to $50,71 per barrel at the end of the previous session.
Since the beginning of this week, decrease the cost of Brent amounted to about 5.2%, WTI is 4.6%.
Negative pressure on the oil market continue to provide the signals of the ongoing increase in oil production in the United States, as well as information about maintaining high energy reserves in the country, writes MarketWatch .
“In that case, if there will be a sharp rise in geopolitical tensions, the price of WTI crude oil will simply not be able to climb above the resistance located in the middle of the range of $50-60 per barrel until then, until the weakening production in the United States,” notes the analyst edition of the Sevens Report Tyler Ritchie.
“The growth in US production not only eliminates the decline in oil production abroad, but has a negative impact on the morale of OPEC sees its market share reduced as a result of own actions of the organization”, – said the expert.
Support of oil Brent on Thursday has rendered the statement of the Ministers of oil of Saudi Arabia, Kuwait and Oman about the possibility of extending the agreement by OPEC and non-OPEC on reducing oil production.
Experts however warn of the surprise that may await oil-producing countries when they meet in may to assess the effect of the agreement on production cuts, global oil inventories are higher than at the time of conclusion of the agreement.
Reserves are reduced, however, by the time when OPEC and non-OPEC will meet in Vienna on may 25, the developed countries probably still not spend huge reserves arising from sharp increase in production of oil-producing countries before the entry into force of the agreement on production cuts, according to Bloomberg.
OPEC “was undermined on own mine”, when allowed member States to continue to increase oil production before the start of the agreement to reduce the production of 1 January 2017, say analysts at Citigroup Inc.
Despite the fact that OPEC fully complied with the obligation to reduce production, the results of the deal were nullified by the American producers of shale oil, inspired by rising prices, experts say Commerzbank AG.