Oil rises on decline in OPEC production
Oil becomes more expensive, despite the increase in its reserves and rising gasoline stocks.
Oil prices Friday morning showed a positive trend on the background of production cuts by OPEC countries and other States within the framework of the relevant agreement
This is evidenced by exchange trading on the website Investing.com.
The cost of the April futures for North sea petroleum mix of mark Brent has grown on 0,22% – to 55,77 USD per barrel. The price of the March futures on WTI increased by 0.1 5 per cent to 53.44 per barrel
In January, OPEC countries reduced oil production by 890 thousand barrels per day compared with Dec – to 32,139 million barrels. The countries that took commitments to reduce production in the framework of the Vienna agreement, reduced its total to 1,146 million barrels of the promised 1,254 million.
OPEC at a meeting on 30 November 2016 in Vienna agreed to reduce its production by 1.2 million barrels a day from October level – up to 32.5 million barrels. Non-OPEC eleven countries on 10 December in Vienna also agreed to reduce its production a total of 558 thousand barrels per day, including Russia – 300 thousand barrels. The agreement was concluded for the first half of the year with the possibility of extension.
Restrain the rise in oil prices data from the US Department of energy on oil reserves in the country. Commercial oil stocks in the United States (excluding strategic reserves) for the week to 10 February increased by 9.5 million barrels, or by 1.9% to 518,1 million barrels. Analysts believed that stocks are increased by 3,513 million barrels, or 0.69% to 512,113 million barrels. Gasoline inventories in the US rose by 2.8 million barrels, or 1.1% to 259,1 million barrels. The analysts, on the contrary, expected to reduce the rate of on 0,752 million barrels.
“Oil is expensive, despite the increase in its reserves and rising gasoline stocks,” commented the dynamics of trading Oanda senior trader Stephen Innes (Stephen Innes), quoted by Reuters.
As of 09:15 Moscow time the price of Brent oil is set at 55.83 USD per barrel. At the opening of Brent was trading at 55,77 USD per barrel, which is 12 cents above the closing level ($of 55.65).