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Tuesday, 5 December 2017

Oil with a slight increase in expectations of US stocks report

Oil prices rose slightly today due to expectations of a decline in oil stocks in the United States and after the OPEC deal last week to extend production constraints.
The Brent with delivery next month added nearly one percent to its value, to a level of $63 a barrel.
US crude oil is traded in the morning at $57.40 a barrel or with no significant change from yesterday's levels.
Last week, OPEC countries agreed to continue their production restrictions at 1.8 million barrels by the end of next year. This, however, was not followed by much reaction to the price of oil.
According to Goldman Sachs analysts, Saudi Arabia and Russia have shown a strong will to continue the production constraints by lowering their forecasts for the price of Brent and US crude oil to 62 and 57.5 dollars respectively.