Prices Again oil in less than 30 USD

Prices Again oil in less than 30 USD

Prices Again Oil prices have fallen during the trading day on Tuesday in the United States, reversing its recent gains after the International Energy Agency announced that the global glut of bookings will be even greater than anticipated during the first half of 2016

According to the latest weekly report from the International Energy Agency, the surplus of oil reserves on the lawsuit earlier this year was “even bigger” than originally planned.
reserves may exceed consumption by an average of 1.75 million barrels per day during the first half of 2016, against forecasts last month pointing to approximately 1.5 million, and this overabundance could further increase if OPEC members boost production.
According to the Paris-based organization, “the market is already overflowing with oil, so it is difficult to envisage a significant rise in oil prices in the short term.”

 

Prices Again oil in less than 30 USD

Prices Again oil in less than 30 USD

Prices Again oil in less than 30 USD

 

 

The US crude stood at $ 29.38 a barrel, a decline of 3.88% or $ 1.20 at 8:45, when the east coast (14:45 in Spain), having shot before whopping 3% to $ 30.61.
During the previous day, oil futures traded in New York had fallen by 3.88% or $ 1.20 to close at $ 29.69, then follow fading hopes for reaching an agreement OPEC producers and those from outside the organization to reduce production levels.
Market players await the publication of the new weekly data on reserves of oil and refined products in the United States, to assess the demand-largest oil consumer in the world.
The American Petroleum Institute will release its report on reservations along this journey; For its part, the fact that the Federal Administration disclosed Wednesday could yield an increase in crude stocks of 4.0 million barrels in the week ending February 5.
Moreover, on the ICE Futures Exchange in London, Brent crude for April delivery was 1.19% or 39 cents to trade at $ 32.49 a barrel plummeted. The Brent traded in London had left a 3.46% or $ 1.18 over the previous day amid growing concern about the glut of global reserves.
The global oil production is outpacing demand following the boom in shale oil production in the United States and after the Organization of Petroleum Exporting Countries decided last year not stop production levels to defend market shares.
The theme of the superabundance is further complicate Iran to rejoining the international oil market.
Meanwhile, the spread between the Brent and crude contracts for West Texas Intermediate was at $ 3.11 per barrel compared to $ 3.19 recorded gap late on Monday.

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