Oil futures increased during the US session. While it is still the sixth consecutive weekly loss since the beginning of the second half of 2015, amid the decline of the dollar index for the third session in five sessions of the highest since December 22, January 2017, according to the relationship reverse among them following the economic developments and data that followed Friday on the US economy, the largest consumer and oil producer worldwide.
The gross futures of EE. UU. For the delivery of November they rose 0.48% to 56.73 dollars or barrel of 56.46 dollars or barrel. Gross Brent futures for the January delivery increased Trade from 0.53% to $ 66.97 per barrel compared to the opening of $ 66.62 per barrel, amid the decline of the 0.49% US dollar index to 96.45 levels, rebounding from the highest since the beginning of last year compared to the opening of 96.93.
The US economy, the largest industrial nation in the world, has continued to release manufacturing data, with the reading of the Industrial Production Index showing a growth of the slowdown rate of 0.1% since the previous September reading and the expectations of the 0.2%. In 78.4% compared to 78.5% in September, in contrast to the expectations of 78.3%.
This comes hours after the report of the US Energy Information Administration. UU. It showed the surplus in oil inventories to 10.3 million barrels during the week of the ninth of this month compared to the 5.8 million barrels of the previous weekly reading, against the expectations that indicated the reduction of the surplus to 2.9 million barrels, Inventories amount to 442.0 million barrels and stocks are now 5% higher than the average stocks in the last five years.
The report also stated yesterday that the world's largest consumer of fuel stocks dropped 1.4 million barrels, while stocks remained 7 percent more than the previous five-year average during this time of year. Stocks of distillate derivatives, including heating oil, 3.6 million barrels, making inventories below 8% of the average of the last five years during such time of the year.
Otherwise, we also continued yesterday the administration of President Donald Trump issued financial sanctions against 17 senior Saudi officials after the death of journalist Jamal Khashoggi, hours after Saudi Arabia accused 11 people with murder, which eventually the rise of US actions During the last week the biggest rhythm since the beginning of February 2017.
In another context, we continue on Thursday, the Russian Economy Minister said oil prices could fall further in the short term, noting that the situation may seem more stable in the medium and long term, explaining that the fall in prices is due to fears of supply shortage And expected a fiasco during the next period in conjunction with the slowdown in demand and close the expiration of the OPEC agreement and its oil-producing allies from abroad to reduce production.
Tanta Minister of the UAE and the Organization of Petroleum Exporting Countries (OPEC), its president, Suhail al-Mazroui, expressed their confidence on Wednesday that OPEC and its oil-producing allies, led by Russia, will prevent the increase of oil reserves next year. Next, adding that oil production has exceeded expectations recently, which makes it necessary to change the strategy and adjust the production.
Al-Mazroui said his country will support OPEC's decision to balance the market during the Organization's meeting next month, adding that the UAE has reduced its production previously and maintained the objective and that if a new reduction is needed , we will do it. He said on Wednesday that special measures should not be taken to prevent oil prices falling.
Novak noted at the time that long-term oil prices should be taken into account when making decisions by oil-producing countries. The average oil prices of this year are $ 70 per barrel and the market is very volatile between very strong increases or strong casualties. Adding that the oil markets have not yet stabilized after the reactivation of Washington's economic sanctions in Tehran earlier this week .
OPEC Secretary General Mohamed Barkindo said that the volatile volatility of current prices is normal and adds that investors are concerned about the meeting of OPEC and its producing partners outside and especially about their decision on the agreement to reduce global production of Oil, which means a reduction of production of 1.8 million barrels by the end of this year, he said, adding that the focus on stabilizing markets and preventing a disappearance or lack of supply is still in force.
This is due to the disclosure of OPEC on Tuesday of its monthly report, which reduced expectations of oil demand for 2019 next year in 250 thousand barrels per day from the forecast before 31.54 million barrels per day, with the expectations of OPEC to increase global oil supply In the markets over the next year in the shadow of the rising increase in oil supplies from outside the world beyond global demand.
The Organization of the Petroleum Exporting Countries (OPEC) expects to delay the growth of world demand in 70 thousand barrels per day to 1.29 million barrels per day, according to the organization that total oil production in October amounted to 32.90 millions of barrels per day, which resulted in an increase of 127 thousand barrels per day than it was in September, despite the decline in Iran's oil production following Washington's re-establishment of its economic sanctions in Tehran.
In the same vein, we want to point out that US Minister of State, Mike Pompeo, said last week that his country has decided to exempt eight countries (China, India, South Korea, Japan, Italy, Greece and Taiwan and Turkey) to commit themselves with the imposition of American economic sanctions against Iran. It will be allowed to import Iranian oil for 180 days without signing any American sanction on them.
"We hope that Saudi Arabia and OPEC do not reduce oil production, oil prices should be much lower on the basis of supply," said US President Donald Trump on Monday in a war trailer on his official Tuter account . We would like to point out that Trump arrived only a week after his administration launched economic sanctions in the Iranian oil industry.
Following the announcement this week, Saudi Minister of Energy, Khalid Al-Falih, noted that OPEC and its oil producers agreed on the need to cut production by one million barrels per day next year compared to production levels of Last month to maintain market equilibrium. He said that his country plans to reduce its oil supply and that Saudi Aramco will review the distribution of its customers in 500 thousand barrels per day next month compared to levels this month due to lower seasonal demand for oil.
In the same context, Kuwait also informed earlier this week that the Organization of Petroleum Exporting Countries is seeking to reduce its global oil supply next year and that last Sunday the member countries of the Organization and its non-OPEC producers They discussed in the meeting last weekend in Abu The proposal did not address the volume of supplies expected to be cut later in the year.
In another context, data from the Russian Ministry of Energy earlier this month, Russian oil production rose its maximum in three decades last month to levels of 11.41 million barrels per day, and this happened before we see that The report showed yesterday to the US Information Energy Information Administration US oil production. UU. It increased by 100,000 bpd to 11.7 million bpd, the highest ever.
We note that high oil prices are correct as a result of its recent extensive bleeding and worst daily performance on Tuesday in more than three years, following the growing concern at the demand levels following a slowdown in the growth of large global economies during the third quarter. The third and high level of global oil production to record levels in recent times.
EE. UU. It also offers exemptions from Iran's economic sanctions on Iran's largest oil importer, as well as the strength of the US dollar, as part of the work weighing the price. According to the weekly report of Baker Hughes, the United States with 2 platforms for a total of 888 platforms to reflect the highest level of platforms since March 2015.
LUMA NEWS LUMA NEWS LUMA NEWS LUMA NEWS UPDATE 3-Brent crude and Nymex rose gross for the third consecutive session as the dollar index rebounded its lowest level this year The news headline is linked to the news link of its site
Or images, but the responsibility lies with the original publisher of the Forex news and source -fxnewstoday as the original copyright publisher and the intellectual property rights of the news. This report was automatically transferred and in case you own the news and want to remove or subjugate, consult the original source of the news first and then write to delete the news