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Oil Still worried about Excess Supply

 

Tuesday, October 21, 2014

 

Brent crude oil prices fell on speculation that OPEC will not take action to prop up the price of oil before the scheduled meeting on 27 November in Vienna. Meanwhile, West Texas Intermediate oil traded flat. Saudi Arabia and Kuwait have signaled that the decrease in price does not guarantee any level pemangaksan oil production in the near future. Iranian President Hassan Rouhani oil minister instructed to use diplomatic channels to stop the decline in prices, according to the Mehr news agency yesterday.

 

"Reality is still bad, we produce an excess of about 1.5 - 2 million barrels per day of demand is there," said Tom Finlon, director of the Energy Analytics Group LLC. "The statement from Saudi Arabia and Kuwait did not clarify what they would do to a meeting held more than a month about the future."

Banks including BNP Paribas SA and Bank of America Corp. predict the price of oil is already near its base, partly relying on the Organization of Petroleum Exporting Countries to cut output. Goldman Sachs Group Inc. on October 17, said that the decline in oil prices has been too deep. Some OPEC members want the average price of Brent crude oil is higher than current levels to balance their budgets, according to Deutsche Bank AG. Venezuela wants the average level of prices at $ 162 a barrel this year, while the break-even price of Saudi Arabia at $ 99.20 a barrel, according to analyst Robert Burgess in London on 17 October.

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Oil Rebounds Ahead of Inventory Data

 

Wednesday, October 22, 2014

 

Crude oil futures rebounded on Wednesday continued lifted from its lowest point in recent years as market participants anticipate the oil inventory data showed a decrease in supply.

 

So far the price of crude oil futures for December contract gained 0.75% to $ 83.11 per barrel, after reaching the highest point at $ 83.15 intraday and daily lows at $ 82.27 per barrel.

 

Various analysts expect the EIA to report a domestic oil supply growth to a level of 3.1 million barrels, lower than previously at 8.9 million barrels. Supply typically rises in the fall as the closure of some refineries to perform maintenance. The inventory data is also expected to show the level of domestic oil production and oil imports may exceed the level of demand for oil

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Oil Prices Back Toward $ 80 Level

 

Thursday, October 23, 2014

 

Oil prices fell on Wednesday after data showed an increase for two consecutive weeks on the supply of crude oil, the volatile trade as dealers consider that the decline in oil prices may have hit bottom when touching a 5-year low last week. Oil up and down several times, even after the US Energy Information Administration reported a rise in crude oil supply as much as 7:11 million barrels, more than analyst estimates as many as 2.7 million barrels. "The dominant feature of the report is the sharp rise in crude oil supply, making the overall bearish report," said John Kilduff, partner at Again Capital LLC in New York.

 

Some traders said that oil prices may have reached the bottom as a result of rising expectations that prices near $ 80 a barrel level could slow the rate of growth of production in the US shale oil boom and oil reserves off the coast of Canada. While others are still curious about the drop in oil prices, "Currently, the market has been trying to drive up for 2 days and is now back down, so maybe the price will return the worrying factor," said Gene McGillian, analyst at Tradition Energy.

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Positive China Data Fail Restoring Oil Price

 

Friday, October 24th, 2014

 

Crude oil traded was flat on Thursday as positive Chinese manufacturing data failed to restore investor sentiment, or offsetting the impact of the surge in US oil inventories.

 

Currently the price of crude oil for December delivery contracts are still perched in the range of $ 80.70 or about 0.15% above Wednesday's closing price, which is the lowest closing price since June 2012.

 

Initial reports indicate the HSBC China Manufacturing PMI rose to 50.4 in October from 50.2 in September. This data becomes positive data 3rd China this week, after the previous GDP and industrial output growth demonstrates the stability of the 2nd largest economy in the world.

 

However, crude oil prices, which are usually sensitive to Chinese economic data due to the high level of consumption, failed to show a significant increase until well into the European trading session.

 

Sentiment in the oil market seems to still continue to be overshadowed by anxiety over abundance of supply, especially with the weekly US inventory data showed the increase exceeded expectations. Report of the Energy Information Administration (EIA) last night showed US crude stockpiles rose by 7.1 million barrels in the week ending on October 18. The figure far exceeded expectations for a rise of 2.8 million barrels of analysts

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Toward Weekly WTI oil weakening To 4 In Saudi Arabia Policy

 

Monday, October 27th, 2014

 

West Texas Intermediate oil fell after its biggest rise since September on speculation a decline in oil supply of Saudi Arabia does not sinyalkan country's largest oil producer group OPEC to cut production.

 

Futures contract fell as much as 0.9% in New York and preparing for a fourth weekly decline. Saudi Arabia's oil shipments to the global market shrank in the last month even though their production rise, reported by people who are familiar with oil policy in the kingdom. Crude oil has collapsed to a bear market amid increasing supply as the major OPEC members rejected calls to cut production, even in the US that pumping oil at its fastest pace in nearly three decades.

 

"The market increase their belief that OPEC will not cut next month," said Will Yun, a commodity analyst at Hyundai Futures Corp. on this day. "The price level being here is what OPEC wants, to drain profits in the US where the increase in production is a threat to the producers in the Middle East.

 

WTI oil for December delivery fell as much as 77 cents to $ 81.32 a barrel in electronic trading on the New York Mercantile Exchange and is currently moving in the range of $ 81.61 at 10:55 pm. The contract rose as much as $ 1.57 becomes $ 82.09 at the moment yesterday. Oil prices have dropped by 1.6% on the week and down 17% in 2014.

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Goldman Crop Price Projections, Oil Weakens

 

Tuesday, October 28th, 2014

 

WTI crude oil fell on Monday, hitting its lowest level in 28 months after Goldman Sachs reduce projected oil prices due to weak demand and rising inventories.

 

Goldman cut its forecast for Brent crude to $ 85 per barrel from the previous $ 100 per barrel for the first quarter of 2015. Meanwhile, Goldman cut its WTI oil to $ 75 a barrel from the previous $ 90 per barrel. Goldman became a bank is the most bearish for oil prices on Wall Street.

 

Oil managed to cut its losses as the dollar weakened against major currencies. Dollar-denominated oil tends to benefit when the dollar weakens. Data shows home sales rise less than expected, reinforcing speculation the Federal Reserve will keep interest rates low for longer making the dollar depressed.

 

WTI crude oil trading on Monday closed at $ 80.67 a barrel, with daily highs $ 81.29, and the lowest $ 79.44

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Gasoline Demand Over Oil Rebound Looks Stronger

 

Wednesday, October 29th, 2014

 

West Texas Intermediate oil rose for a second day on speculation that fuel demand rose amid signs of improving US economy.

Futures contract rose as much as 0.7% in New York. US gasoline reserves probably fell as much as 900,000 barrels to 203.5 million last week, according to a Bloomberg survey before the Energy Information Administration released figures on tonight. Crude stocks fell as much as 3.7 million barrels, the American Petroleum Institute reported yesterday. US consumer confidence rose to the highest level in seven years in October, in the show by the data from the Conference Board.

 

"Oil prices have been boosted by economic indicators better than expected result that we get from countries including the US and Japan," said Hong Sung Ki, a senior commodity analyst at Samsung Futures Inc. in Seoul today. "We can not expect to get a strong rebound in oil, but I say that the sharp decline today has come to an end."

 

WTI oil for December contract rose by 56 cents to $ 81.98 a barrel in electronic trading on the New York Mercantile Exchange and is currently moving in the range of $ 81.73 at 14:55 pm. The contract yesterday rose by 42 cents to $ 81.42, it is the highest closing level since October 23. Oil prices have dropped 17% this year.

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OPEC Do not Panic With Oil Price Decline

 

Thursday, October 30th, 2014

 

OPEC Secretary General Abdullah al-Badri said not to panic with the drop in oil prices. Oil prices have dropped sharply since July in which both Nymex and Brent oil is now trading near three-year low levels. The decline in price below the psychological level of $ 100, the price level of the proposed majority of OPEC members, has raised hopes that there pemangakasan OPEC production on Nov. 27 meeting. However, comments that Badri said OPEC oil production in 2015 will probably not be able to change sinyalkan no output cut decision at a meeting next month.

 

OPEC seems now more focus on maintaining market share and are willing to see a drop in price in order to ensure market share is not eroded by the US shale oil. "High oil output as production cost of shale oil will be reduced if oil prices were in the range of $ 85 per barrel. Although OPEC members had to accept lower oil prices, but this is necessary to keep the increase in demand in the long term," said Badri. "There is nothing wrong with the current market."

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Consolidated Backup From EIA Back Oil Prices Sink

 

Friday, October 31, 2014

 

West Texas Intermediate oil fell from its highest price in more than a week after a government report overnight showed US crude reserves jumped.

 

Futures contract fell by 0.3% in New York after yesterday rose to its highest level since October 21. Crude stocks rose as much as 2:06 million barrels last week to the highest level in nearly four months, in the report by the Energy Information Administration last night. Supply and demand for oil will return to its equilibrium level and OPEC members are not waging a price war, the secretary general of OPEC, Abdalla El-Badri, the Oil & Money conference in London yesterday.

 

"The increase in reserves has given the downward pressure on oil," said Kang Yoo Jin, a commodity analyst at Woori Investment & Securities in Seoul. "Anxiety in excess supply in the market has not abated since OPEC has not made ​​any statement so far on possible production cuts."

 

WTI oil for December delivery fell as much as 38 cents to $ 81.81 a barrel in electronic trading on the New York Mercantile Exchange, and is currently engaged in a range of $ 81.84 at 8:45 pm. The contract yesterday rose by 78 cents to $ 82.20. Oil prices have dropped by 17% this year.

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Oil worry about China Oil Demand Outlook

 

Monday, November 3rd, 2014

 

Oil recorded a weakening slightly after increasing signal a slowing Chinese economy kept investors worried about the outlook for consumer demand largest oil No. 2 in the world. Beijing has released data on the manufacturing sector and the index of non-manufacturing reiterated the threat of a slowing Chinese economy. Data at the weekend showed China's manufacturing sector activity decreased from the level of 51.1 into 50.8 for October. The data this morning showed activity Chinese non-manufacturing sector decreased from 54.0 into 53.8 level for the month of October. Nymex Oil is now trading at $ 80.12; try to stay away from the high level of daily $ 80.61

 

Investors also remained concerned with melimpahny oil supply is in the market, especially with non-OPEC sinyalkan desire to cut production. Secretary General of OPEC oil output has been pointed out to 2015 probably will not change from the 2014 survey showed Bloomberg last OPEC oil production increase of 53,000 barrels to 30.974 million barrels. Meanwhile, Reuters reported Iraqi informants have managed to recover the oil exports from Basra refinery to 2.4 million barrels per day after weather disruptions cut exports to 1.44 million barrels per day

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Abundant output, Hedge Funds Cut Bullish Oil Position

 

Tuesday, November 4th, 2014

 

Hedge funds reduce positions bullish on crude oil as US oil output hit a record adds an advantage in the global oil supply, sparking the longest losing streak in six years at the price of oil. Financial managers cut positions loong on West Texas Intermediate oil as much as 2.3% last week, according to data from the US Commodity Futures Trading Commission. The number of long positions fell to its lowest level in 17 months.

 

WTI oil price fell as much as 12% in October for the fourth month in a row, almost equal to the decline in oil prices when the global financial crisis. Production levels by OPEC rose to its highest level in more than a year last month, according to a Bloomberg survey, and the output is at As the fastest pace since at least 1983. The increase in the production rate occurred as the International Energy Agency cut its demand growth estimate for this year and 2015 .

"In 2008, the collapse in oil prices is largely due to permitnaan level," said Rob Haworth, senior investment strategist at US Bank Wealth Management in Seattle. "Currently, due to a decrease in the supply side."

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US Crude Oil Supply Increases

 

Wednesday, November 5th, 2014

 

US crude oil supplies increased last week, while gasoline and distillate supplies fell, according to data from the Energy Information Administration on Wednesday. Supplies of crude oil rose as much as 460,000 barrels last week, compared with analyst estimates for an increase of 2.2 million barrels. Supply of crude oil on the shipping destination Cushing, Oklahoma fell as much as 551 000 barrels, according to the EIA. Refinery output rose as much as 356 000 barrels per day, according to EIA data. Utilitasi refinery level rose as much as 1.8%.

 

Gasoline supplies fell as much as 1.4 million barrels, compared with expectations for a decline of 380,000 barrels. While the supply of oil distilled, which include diesel and heating oil, fell as much as 724 000 barrels, compared with expectations for a decline of 1.8 million barrels, according to EIA data. US crude oil imports last week fell by as much as 426 000 barrels per day.

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Maintain WTI oil gains of EIA report

 

Thursday, November 6th, 2014

 

West Texas Intermediate oil maintained its gains from the biggest gain in two weeks after government data showed crude stocks fell in the hub of the largest refineries in the US. Brent oil steady amid Libya's main oil refinery closes them.

 

Futures contract was little changed in New York after yesterday's rise of 1.9%. Supply of crude oil at Cushing, Oklahoma, which is the delivery point for the WTI contract, shrank by 551 000 barrels last week, it was the first drop in four weeks, reported by the Energy Information Administration. Libya stop Sharara refinery belongs to those who have been disrupted by strikes and violence in the past, according to two people who know about it directly.

 

Oil was trading in a bear market amid signs that the global supply exceeded demand. Led by OPEC producers who have resisted calls to cut production as they are competing with the US, which pumps the fastest pace in more than 30 years. Oil prices are falling has "worrying everyone," said Foreign Minister Venzuela, Rafael Ramires when he met with the Saudi Arabian Oil Minister Ali al-Naimi said yesterday.

 

"This is a turning point for US crude reserves to reduce expansion and start to go down in the middle of the oil refineries increase their operational level to meet the demand for heating oil in the winter," said Kang Yoo-jin, a commodity analyst at Woori Investment & Securities Co. in Seoul today. "Oil may be recovered in the next three months because of low prices can cause problems for the players US shale oil and Canadian producers."

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OPEC Cuts Oil Price Projections & Global Demand

 

Friday, November 7th, 2014

 

Group the world's largest oil exporter, cut its forecast for growth in the price and the level of global oil demand. In World Oil Outlook, which was released Thursday, the Organization of the Petroleum Exporting Countries (OPEC) said there would be "a slight decline in the real value" of the decade along with the "nominal price constant" at $ 110 a barrel from the current 2020 . Projections for the US economy increased, while the prediction for the country "BRIC" (Brazil, Russia, India and China) are trimmed in the medium term. OPEC added that there is the risk of "excess capacity in the oil sector."

 

The report was released at a bad time for the oil market. WTI crude oil prices touching the lowest level since August 2011 earlier this week after Saudi Arabia cut the price. Adel Abdul Mahdi, Iraq's oil minister said that OPEC has experienced "perdang price" in his camp alone, and there is concern that it will lead to a race down the price of oil which is very hurting exporters of oil.

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Speculators Cut Bullish Oil Position

 

Monday, November 10th, 2014

 

Speculators cut their bullish positions terhadpa US crude to its lowest level in 20 months as they lose confidence that OPEC is willing to relieve excess global oil supply. Financial managers cut a long position in West Texas Intermediate crude by 8% last week, according to data from the US Commodity Futures Trading Commission. The number of long positions fell to its lowest level since May 2013, while the number of short positions increased.

 

WTI tumbled into a bear market this year following the increase in the supply of crude oil from Libya and the US to reduced demand from Europe to China. Saudi Arabia cut the cost of exports to the US this month, signaling a preference for the part of the market rather than the price. Saudi Arabia covers about a third of OPEC output and OPEC will hold a meeting within the next two weeks to discuss the supply. "The market requires action from OPEC and the price cuts were made just for the US by Saudi Arabia," said Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massachusetts. "It is making investors think 'Jeez, this does not seem to help.'"

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China Data Keep Oil Performance

 

Tuesday, November 11th, 2014

 

WTI crude oil is able to maintain strength in the beginning of this week, helped by Chinese export data slick. China's exports rose 11.6% in October from the same period a year earlier, higher than the estimate of 10.6%. Meanwhile, imports grew 4.6% lower than the estimate of 5%, so that China's trade surplus into a $ 45.4 billion. The increase in exports is expected to keep China's economic growth which is the second largest oil consumer in the world.

 

In addition, re-increased tension between Ukraine with Russia is also able to keep oil prices decline. Market participants also pay attention to the geopolitical turmoil in Libya, where the oil fields El Feel and El Sharara has been closed, and Hariga port which exports 120,000 barrels of oil per day are also blocked.

 

WTI crude oil traded at around $ 79.25 a barrel at 15:50 pm, away from daily lows $ 78.33

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Oil Successful Rebound

 

Wednesday, November 12th, 2014

 

Nymex oil prices rebounded, although investors are still worried by the abundance of supply is. Strengthening of the US Dollar quite a burden for the performance of black gold, but the emergence of profit-taking the US Dollar in the New York session managed to encourage traders to reduce its short position, triggering a rebound in oil prices. The emergence of anxiety for the disruption in Libyan supply is also a positive sentiment. There are concerns over Libyan oil production after government opposition control of the capital and El Sharara oil refineries were very productive.

 

However, investors are still worried by the abundance of supply is in the market, especially with OPEC which gave the signal will not cut production when it meets at the end of November. Kuwait has uttered no plans to cut production. Iranian oil to reduce the selling price of oil shipments to the US, following the steps that have been taken Saudi Arabia last week. Oil prices rose 0.45% on Tuesday to end up at the level of $ 77.53

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Oil Still Concerned With Supplies

 

Thursday, November 13th, 2014

 

Nymex oil prices are still struggling near 3-year low levels as investors remained concerned with the abundance of supply is created by the booming US shale oil and reactivation of the largest oil refinery in Libya. Saudi Arabia said his country and other oil producers will do their best to maintain the stability of oil prices. However, the majority of traders and analysts doubt the ability of OPEC to cut production at a meeting this month.

 

Anxiety over supplai also exacerbated by the release of a report that Libya has resumed oil production at its largest refinery facilities El Sharara although exports are still blocked by rallies in Hariga port. Nymex oil closed down 0.81% to $ 76.90 in trading Wednesday.

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WTI Towards Longest Weekly Decline Since 1986

 

Friday, November 14th, 2014

 

WTI oil to the longest streak of weekly decline in nearly three decades and Brent was on track record longest decline amid speculation that OPEC will still refrain from reducing production to relieve the anxiety of the abundance of supply.

 

Oil futures contract fell as much as 1.3% in New York and ready for the seventh weekly decline, it is the longest losing streak since March 1986. The fall in oil prices reflects the increase in political opinion polls indicate that the Organization of Petroleum Exporting Countries will maintain their production, according to reports of Goldman Sachs Group Inc. Crude stocks at Cushing, Oklahoma, which is the delivery point for WTI contracts, rose to its highest level since May, on show in the report of the US government.

 

Oil has tumbled into a bear market as the leaders of OPEC members resisted calls to reduce production and instead they reduce the price of exports to the US, where production has risen to its highest level in 31 years amid a surge in oil shale. Venezuela, Libya and Ecuador have asked for any action to provide support for crude oil prices over the 12 OPEC members will meet on November 27 in Vienna.

 

Jonathan Barratt, chief analyst at the Rock Alliance Securities said that the market is currently running with fear, it will recede and move depending on how OPEC would think. The price will not go up until we got closer to the time of their meeting.

 

WTI oil for December fell as much as 96 cents to $ 73.25 a barrel in electronic trading on the New York Mercantile Exchange, and is currently engaged in a range of $ 73.90 at 16:22 pm. The contract yesterday fell as much as $ 2.97 becomes $ 74.21, it is the lowest closing level since September 2010. The price of oil has dropped by 25% this year.

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Oil Wish OPEC Will Act

 

Monday, November 17th, 2014

 

Nymex oil prices rebounded after touching a low level of 4 years. Oil rallied as widespread expectations that the recent decline in oil prices could force OPEC to cut production. OPEC will perform Nov. 27 meeting. Although some countries such as Venezuela wants OPEC to cut output, but the largest oil exporter Saudi Arabia has not uttered whether to support the production cuts. Venezuela's foreign minister says Algeria and Venezuela will be voiced action to prop up the price of oil.

 

OPEC officials amid increasing diplomatic visit to build consensus on how the association of the oil exporters will respond to the fall in oil prices. Libyan Prime Minister Abdullah al-Thani yesterday flew to Riyadh a day after Iraqi President Fouad Masoum meet Saudi King Abdullah. Venezuela's foreign minister to visit in Algeria and Qatar. On the other hand, Saudi Arabian Oil Minister Ali Al-Naimi was on tour in Latin America. Nymex oil prices are now trading $ 75.50; away from the daily low of $ 73.24 level.

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Japanese recession Drag Oil Prices

 

Tuesday, November 18th, 2014

 

Japan is the largest importer of crude oil in the world's fourth in a recession in the third quarter of this year, giving fears of weakening demand for crude oil. WTI crude oil prices in today's trading back down, after last week recorded a decrease of 7 consecutive weeks.

 

Cabinet Office of Japan reported the Japanese economy contracted by 1.6% in the period from July to September, from the same period the previous year. The contraction was once broke estimate of 2.1% expansion of economists polled by Reuters. GDP contraction in the second quarter was also revised from 7.1% to 7.3%, becoming the biggest slump since the Japan earthquake and tsunami struck in 2011.

 

The market is now waiting whether OPEC will reduce crude oil production at the end of the meeting of November. While the decline in oil prices in recent weeks to make speculators raised bullish positions on oil, with expectations that OPEC will cut production at its next meeting. Data from the Commodity Futures Trading Commission showed net-long position of oil rose 8.7% from 17-month lows in the week ending November 11th.

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Oil Traded Near Low Level 4 Years

 

Wednesday, November 19th, 2014

 

Crude West Texas Intermediate and Brent traded near the lowest level in four years in speculation OPEC will reject a proposal to cut output posed several small oil producing countries in it. Ecuador and Venezuela will ask member states of the Organization of Petroleum Exporting Countries to cut excess production, according to the government of Ecuador. Pruning in large quantities may not be approved by the OPEC because it will encourage the supply of oil shale from the US, according to Goldman Sachs Group Inc. US Senate rejects the policy to allow the Keystone XL pipeline that carries oil from Canada to the Gulf Coast.

 

Oil has tumbled into a bear market as the level of oil production rose highest level in more than three decades and the level of demand slowed. Oil producing countries in OPEC of taking a including Saudi Arabia and Kuwait rejected proposals to cut the supply while others seek measures to prop up the price of oil as prepared to meet on 27 November in Vienna. "Without the intervention of OPEC, we can see a decrease of $ 10- $ 11 on oil prices from current levels," said David Lennox, an analyst with natural resources at Fat Prophets in Sydney, who predicts that OPEC will maintain production targets at the level of 30 million barrels per day. "We think there will be cuts in excess of output and that by Saudi Arabia."

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Ahead of Inventory Report, Oil Rebound

 

Thursday, November 20th, 2014

 

WTI crude oil traded higher ahead of the release of US oil inventory report by the Energy Information Administration. Analysts expect US oil inventories will be down by 1.5 million barrels. On Tuesday the American Petroleum Institute reported oil inventories rose 3.7 million barrels in the week ending 14 November.

 

The abundance of oil supply while demand remains weak has brought the oil entered the bearish market, and is now near its lowest level in four years.

 

Investors' attention focused on the upcoming OPEC meeting in Vienna 27 November, many are expecting that OPEC will cut oil production. However, a major manufacturer of OPEC, Saudi Arabia and Kuwait appear to reject the reduction of production. OPEC oil production as much as 30.97 million barrels per day in October.

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Turned Oil Rises After Trimming China Interest Rate

 

Friday, November 21, 2014

 

Once weakened during the Asian trading session and early European session, the oil has now turned higher after China's central bank cut interest rates for the first time since 2012. These measures were taken to reinvigorating the Chinese economy is likely to record the lowest growth in more than three the last decade.

 

HSBC on Thursday released the initial calculation of China's manufacturing activity this month at 50.0, lower than last month of 50.4, 50.2 and economists' forecasts, which indicate a slowdown in manufacturing activity of the bamboo curtain. The interest rate cut is expected to boost economic activity that could have an impact on the increase in demand for oil. China is the second largest oil consumer in the world.

 

Dow Jones Newswires reported the central bank of China (PBOC) cut deposit rates by 0.25%, and the one-year lending rate by 0.4%. PBOC also said it would provide more flexibility in deposit rates.

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Threatened Oil Weakens If OPEC Output Cuts Fail

 

Monday, November 24th, 2014

 

Ahead of OPEC meeting in Vienna this week, investors will be wary as the risk of a sharp fall in oil prices if OPEC producers' cartel failed to reduce the rate of production.

 

In fact, some analysts expect the WTI oil price could potentially drop below $ 70 a barrel if OPEC does not implement significant decline in output.

 

Some of the reasons that may push OPEC to cut production rate significantly is, US crude oil imports from OPEC countries has fallen to its lowest level in 30 years. The decreasing US dependence on oil imports from the cartel that produces about 1/3 of world oil demand caused by the oil shale technology where the US has overtaken the rate of oil production per day Saudi Arabia.

 

Anxiety reduction in oil imports from OPEC's dominance is the basis for OPEC to keep providing discounted prices, as WTI oil prices below $ 60 is likely to cause one by one company in the US shale oil began offline due to less competitive price.

 

So far the price of US crude oil futures slightly lower -0.17% to $ 76.37 per barrel, after reaching the highest point at $ 76.95 intraday and daily lows at $ 76.02 per barrel.

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