Today oil prices are stable, after declining earlier
At the end of yesterday’s trading, the price of the June contract for Brent crude on the ICE exchange dropped to $ 0.34 — to 43.84 dollars per barrel. May futures contract for WTI on the NYMEX fell by $ 0.26 — to 41.50 dollars per barrel. The June contract fell by $ 0.34 — to $ 42.67. Today, oil prices, which have risen from 11 April to 5%, little changed because of waiting for the results of the meeting of oil-producing countries in Doha. The cost of the June futures for Brent crude on London’s ICE Futures exchange rose in the morning by 0.11% — to 43.89 dollars per barrel. May futures for WTI oil trading on the New York Mercantile Exchange (NYMEX) rose to 7.30 Moscow time by 0.14% — to 41.56 dollars per barrel. The experts and their opinions on whether the oil-producing countries will be able to agree on a freezing January production levels at a meeting on April 17 at Doha — divided in half. Most analysts believe that even when reaching a positive agreement, production freeze will not affect the actual flow of oil. Oil production in several countries, which confirm taking part in the meeting in Doha, close to the highest possible level and they do not have the power to build any production. «There are some symbolic meaning in the fact that they are really able to meet and discuss a real strategy for the oil market after two years of controversy — says the analyst of Danske Bank, Jens Pedersen.-But I do not think in the short term it somehow affect on fundamental market factors. » Other analysts believe that the meeting will end statements that the movement of the market supply / demand is balanced, and that there is no need to limit production. As reported yesterday, Qatari Energy Minister Mohammed al-Sada — the fact that the participation of a large number of countries confirmed in a meeting in Doha, «creates a positive feeling that the agreement that will return stability to the oil market, inevitably.» Experts from the International Energy Agency believes that the surplus of oil supply in the market will disappear in the second half of 2016 due to lower production in those countries that are not OPEC members. In the second half of the surplus will be about 200 thousand barrels per day compared to 1.5 million barrels per day in the first half of the year, — stated in the IEA forecast. But RBC Capital Markets Experts believe that the oil price will rise in the second half of 2016, no matter how is going to end the meeting in Doha
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