World oil prices continue to rise during today’s trading after the comments of the Minister of energy, industry and mineral resources Saudi Arabia Khalid al-falikha that the market of “black gold” is on the way to equilibrium, however, the slowdown in demand in Asia continues.
As of 13:48 GMT the cost of the September futures for North sea petroleum mix of mark Brent rose by 0.42% to $50,55 per barrel. The price of August futures for WTI crude oil rose 0.31% to $49.15 a barrel, reports RIA “Novosti”.
Al-falih and newly elected OPEC Secretary General Mohammed Barkindo during the meeting on Sunday agreed on the fact that global oil markets move to equilibrium and prices reflect this trend.
Quotations were also supported by concerns about production in Nigeria, where militants of the radical group “Avengers of the Niger Delta in recent months has carried out attacks on oil infrastructure of the country. On Sunday, the group claimed responsibility for another 5 attacks on the South of the country. However, last week the state oil company of Nigeria Nigerian National Petroleum Corporation announced a production growth after repair of pipelines.
However, there are factors that can limit the growth of quotations — the increase in oil production. In particular, according to the American oil-gas company Baker Hughes, the number of drilling rigs in the U.S. last week rose by 10 pieces, or 2.4%, and amounted to 431 units.
