Date: 5 months ago   Category: Financial

Prices of oil continue to grow since the beginning of year


For incomplete week the cost of Brent oil rose in price for 7.5%, having shown the maximum growth rates since April. Prices of oil continue to grow the fifth session in a row on Friday, January 4, on signals of decrease in production by the states of OPEC, Interfax writes. The cost of March futures for Brent at the London's ICE Futures Exchange is $56.11 for barrel that for $0.16 (0.29%) there is higher than the level of closing of the previous session. On Thursday these contracts grew in price for $1.04 (1.89%) - up to $55.95 for barrel. The future for WTI for February at the electronic trading of the New York Mercantile Exchange (NYMEX) rose in price for $0.24 (0.51%) - up to $47.33 for barrel. Following the results of the auction on January 3 the contract grew in price for $0.55 (1.18%) - up to $47.09 for barrel. Since the beginning of this week Brent rose in price for 7.5%, the maximum rates since April, WTI grew in price for 4.3%, the highest rates since June. Oil production by all states of OPEC in the past was reduced by the maximum size almost in two years month, results of survey conducted by the Bloomberg agency among traders and analysts and also data on the movement of tankers demonstrate. The OPEC in December reduced oil production by 530 thousand barrels in (sugar-free) day, to 32.6 sugar-free million. Saudi Arabia reduced export of oil in December to 7.253 sugar-free million in comparison with 7.717 sugar-free million against the background of reduction of deliveries to the USA and China a month earlier. Production of Iran decreased against the background of renewal of sanctions of the USA, and in Libya work on the largest oil field stopped because of protests. Let's remind, on December 7 the countries of OPEC agreed about reduction of oil production in 2019 on 1.2 million barrels a day. From this volume of decrease in 800 thousand barrels a day it is necessary on the OPEC countries, and other 400 sugar-free thousand – on the countries which are not entering into cartel. News from the Correspondent.netv of Telegram. Subscribe for our https://t.me/korrespondentnet channel

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