Date: 2 months ago   Category: Financial

Oil sharply rose in price after falling


Prices of oil grew almost by 3% due to reduction of production by Saudi Arabia and OPEC and also sanctions of the USA against Iran and Venezuela. Futures for oil rose more than 2% during trading Tuesday, February 12, against the background of reduction of production led by OPEC and intentions of Saudi Arabia to be ahead of schedule and also sanctions of the USA against Iran and Venezuela, Reuters reports. In particular, futures for Brent oil rose by 2.83% up to $63.25 for barrel. Futures for the American grade of WTI were trading on a mark of $53.97 for barrel, is 2.98% higher than the previous closing. Support to the market is given by oil production reduction about which in December agreed OPEC and a number of the countries out of the organization, for the sake of market improvement. Saudi Arabia, the leading exporter of oil in the world and de facto the leader of OPEC, reported that she will reduce production in March approximately up to 9.8 million barrels a day that more than on half a million exceeds initially promised reduction level. It was said by the Minister of Energy Khalid al-Falikh in the interview to Financial Times published on Tuesday. At the same time growth of oil production in the USA, sanctions against Venezuela and uncertainty around import of the Iranian oil force participants of the market to test uncertainty in the relation of volumes of the offer. As it was reported, the OPEC on Tuesday, February 12, lowered the forecast of global demand for oil in 2019 against the background of delay of world economy and expectations of more rapid growth of the offer from competitors that emphasizes difficulties which the organization in attempt to prevent surplus in the market meets.

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