Monday , May 10 2021

Oil rises in expectation of falling consumption from OPEC * ::

Oil rises in anticipation of lower OPEC consumption *

Photo: Reuters

Oil prices rise on Friday until they are supplied with oil supplies (OPEC), although record US production continues to grow, Reuters reports.

Futures on US crude oil VTI and delivery in December rose 0.66% to $ 56.83 a barrel. a variety of Brent reported a growth of 0.87% to $ 67.20 per barrel.

Prices are supported by OPEC's intention to soon begin to limit supply, fearing that the surplus and price decline of 2014 will not return.

Saudi Arabia wants the cartel and its allies to cut production by about 1.4 million barrels per day, which makes up about 1.5 percent of the world's offer, Reuters reports, citing sources earlier this week.

Morgan Stanley, however, warned that any supply disruption would not have the desired effect.

However, while OPEC is considering restricting supplies on the market, US oil production reached another record last week – from 11.7 million barrels per day, according to the Energy Information Directorate.

US production has grown almost a quarter since the beginning of the year, and the latest data show that the most weekly increase is almost two years.

Crude oil stocks rose 10.3 million barrels to 442.1 million barrels last week, the highest since the beginning of December 2017. This increase contributed to a reduction in oil prices by about a quarter of the beginning of October.

"The oil mood, like that, is not, and no longer shows the possibility of an oil price of up to $ 95 per barrel next year," said Bank of America Merrill Linch.

Investment company Goehring & Rosenzweig expects global oil demand in 2019 to reach 101.1 million barrels a day – just above the current consumption of just under 100 million barrels a day.

In the meantime gold rose by 0.07 percent, reached a weekly maximum of $ 1,215.90 per ounce, as investors sought safe havens for fears about Brekit.

Dollar Index, measuring the strength of US dollars against the basket of six major currencies, fell by 0.22% to 96.89 points. The dollar fell against it jen from 0.33% to 113.26 yen. Australian dollar remained stable against the US at $ 0.7276.

* Information until 9:29

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