The price of Brent crude oil fell for a day at three dollars per barrel because of the change of the Minister of energy Minister of energy of Saudi Arabia and the situation with oil exports to Canada. This is evidenced by the trade data for may 9.
At the close of trading Brent crude was traded at the level of the accounting period by 43.46 per barrel, while during the day its price rose to the level of 46,48 of the dollar. Overall for the day a mixture of North sea fell by more than four percent.
High volatility in the oil market, as the Financial Times, is associated with the uncertainty investors who do not yet know which of the two factors — forest fires, oilfield in Canada or reshuffle in the Saudi government — will be stronger.
The negative market sentiment was influenced by information that the fires in Canada have begun to retreat from the fields, as well as analysts ‘ forecasts, according to which Saudi Arabia will increase production of the fuel to record levels.
On 7 may, the king of Saudi Arabia Salman bin Abdul-Aziz al Saud has dismissed the Minister of oil industry of the country Ali al-Naimi, who has held his post since 1995. The new head of the office Khalid al-falih has said Riyadh will continue the current policy in the oil sector.
