Prices on Brent oil returned to $50. On the eve of the quotes increased for the fifth consecutive session, while the market received a lot of interesting information.
First of all, of course, the data on reserves and production from the US Department of energy. Lately investors are most concerned about excessive gasoline stocks, but they are for the week decreased by almost 3 million barrels, and that was the main reason for optimism.
We also saw a decrease in the total oil reserves in the country at 2.5 million barrels, to 724 thousand barrels reduced the stocks in the delivery hub in Cushing.
Just after the publication of the statistics of oil futures of the “red zone” will come out.
Not confused traders even the fact that in the United States began to grow again production, and for a week the oil began to pump on 152 thousand barrels per day more. This is, incidentally, the maximum increase in production from may 2015.
Well, earlier, Reuters reported that Saudi Arabia could increase oil production to a new record. According to sources, the Kingdom is beginning to increase production in June to meet the increasing domestic demand due to seasonal factors, as well as for meeting the higher requirements of export.
In addition, production growth may add to the Kingdom’s influence at the negotiating table in September, when OPEC and outside the cartel of oil-producing countries will resume negotiations to freeze output.
It is expected that the meeting will be held in late September in Algeria, however, until confirmation from potential participants no.
Well, yesterday the Minister of energy of Qatar stated that another disastrous meeting on the freezing will bring about more problems than good. We will remind, the first such meeting was held in spring in the capital of Qatar – Doha.
However, if the parties have not come to a consensus.
