Without the U.S. the European platform of market participants feel very relaxed, but at the same time, the minimum in the volume perceptibly. Today, she will also prevail, but for another reason, namely: because market participants' expectations of the results of the meeting the member countries of oil cartel OPEC in Vienna, which until today is closer to the closing of the market.
In general, the general background due to the rise of the market in Asia, the growth of European sites through the statistics and the growth of American futures is quite a good. In a moment of positive and showed the oil market, but already today we can say that the market of raw materials largely remained in place and awaits the outcome of OPEC. Rather, we are waiting for further reduction in demand for fuel after the OPEC decision to maintain the current quota - 24,84 barrels per day for 11 states cartel, with the exception of Iraq. Regarding the reduction of oil production, from the 1 January 2009, it should fall by 4.2 million barrels per day compared with the actual level of production in September, which amounted to 29.04 million barrels per day. Production cartel of 11 countries in August amounted to 26.05 million barrels per day, at 1.21 million barrels per day above the quota fixed now. This production has increased by 20 thousand b /d compared to July. Extracted more than the norm of Iran, Nigeria and Venezuela. Prices will also fall because of the reduction in demand for gasoline at the end of driving season. Currently, stocks of raw materials in the United States above the average for the past five years.
On oil markets, the price of Brent crude oil since the beginning of the day grew by more than $ 1,2, moreover, that the maximum increase in prices of petroleum of mark WTI slightly exceeded $ 0.7 against the background of technical buying futures after the past week prices decreased an average of 7,5%. On the other hand the activity remained low due to a holiday in the United States. Among other factors affecting the course of trading oil futures has been increasing in the stock markets in Europe, coupled with a decrease in the dollar on the Forex market against the euro and other currencies.
Yesterday, Kuwaiti Oil Minister Sheikh Ahmad al-Abdullah al-Sabah, on the eve of departure to Vienna to attend today's session of OPEC said that oil prices until the end of the year can vary between $ 60-80 per barrel, as well as expressed the hope that all the OPEC countries will supply the market with as many hydrocarbons as provided their established quotas. The minister also noted that, according to his information, the OPEC countries do not intend to increase oil production ceiling, which is likely to remain at current levels.
On the U.S. market yesterday, trading is not conducted in connection with the celebration of Labor Day.
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