Home
Crude oil price back down after the OPEC report
10/13/15
BAGHDAD / Sky Press: futures contracts for crude oil fell on Tuesday, losing earlier gains after the release of the latest estimates for supplies from the Organization of the Petroleum Exporting Countries.
On the ICE Futures exchange in London, Brent oil December delivery rose 10 cents, or the equivalent of 015%, to trade at $ 50.52 a barrel during US morning trade, after rising 1.32% earlier in the session.
On Friday, Brent crude oil futures recorded the highest level in seven weeks to $ 54.36 a barrel before settling at $ 52.91 a barrel, down by 47 cents or the equivalent of 0.88%.
OPEC said in its monthly report, that "it is expected to see oil supplies from countries outside the Organization further decline in the coming months."
OPEC lowered its forecast of US oil production by 280 000 barrels per day next year, resulting in lower 60 000 barrels per day in 2016 instead of the previously projected increase.
The news comes after Baker Hughes industry research group reported that the number of rigs drilling for oil in the United States declined by 9 to 605 last week, the lowest level since July 2010 and the sixth weekly decline in a row.
And usually it affects the number of platforms on oil as it leads to a height also refers to a possible downgrade of the production in the future.
Saudi Arabia, pointed and other Gulf members of OPEC that they will continue to stick to Bsiasthm of defending their market share by maintaining the highest level of production.
And global oil production exceeded demand after the boom in the production of oil shale in the United States, after the Organization of Petroleum Exporting Countries last year's decision not to cut production.
At the same time, the difference between the Brent and crude contracts for West Texas Intermediate reached $ 3.54 a barrel, compared to US $ 3.28 a barrel at the close of trade on Friday.
[You must be registered and logged in to see this link.]
10/13/15
BAGHDAD / Sky Press: futures contracts for crude oil fell on Tuesday, losing earlier gains after the release of the latest estimates for supplies from the Organization of the Petroleum Exporting Countries.
On the ICE Futures exchange in London, Brent oil December delivery rose 10 cents, or the equivalent of 015%, to trade at $ 50.52 a barrel during US morning trade, after rising 1.32% earlier in the session.
On Friday, Brent crude oil futures recorded the highest level in seven weeks to $ 54.36 a barrel before settling at $ 52.91 a barrel, down by 47 cents or the equivalent of 0.88%.
OPEC said in its monthly report, that "it is expected to see oil supplies from countries outside the Organization further decline in the coming months."
OPEC lowered its forecast of US oil production by 280 000 barrels per day next year, resulting in lower 60 000 barrels per day in 2016 instead of the previously projected increase.
The news comes after Baker Hughes industry research group reported that the number of rigs drilling for oil in the United States declined by 9 to 605 last week, the lowest level since July 2010 and the sixth weekly decline in a row.
And usually it affects the number of platforms on oil as it leads to a height also refers to a possible downgrade of the production in the future.
Saudi Arabia, pointed and other Gulf members of OPEC that they will continue to stick to Bsiasthm of defending their market share by maintaining the highest level of production.
And global oil production exceeded demand after the boom in the production of oil shale in the United States, after the Organization of Petroleum Exporting Countries last year's decision not to cut production.
At the same time, the difference between the Brent and crude contracts for West Texas Intermediate reached $ 3.54 a barrel, compared to US $ 3.28 a barrel at the close of trade on Friday.
[You must be registered and logged in to see this link.]
