Oil prices are back in the green zone

14.06.2016

After a significant decline during morning trading, oil prices moved to an increase in the different data, which monitor the traders. So, in Libya after a series of terrorist acts committed by suicide militants dramatically escalated the military-political situation. Despite the gloomy forecasts for Asia, the growth of China's economy grew by 6%.

 

By 17:55 in Kiev time, the price per barrel of Brent crude oil in August was 50.68 dollars (+ 0.32%). A barrel of WTI crude oil the July traded 49.22 dollars (+ 0.31%). The deviation of prices during the tender was 46,92-50,75 dollars and 48,16-49,26 dollars.

 

Passenger car sales in China last month rose by 9,8% - to 2,1 million units. In January-May of this year, sales growth amounted to 7%. This was reported by the China Association of Automobile Manufacturers (CAAM). Since December 2015, it was the strongest growth. However, according to the OPEC forecasts the main engines of growth in world demand for oil in 2016 will be the Asian countries, especially India, and most of the expected growth will come from transportation fuels.

 

"Against the background of low world prices, oil demand from China will remain stable this year, because it stimulates the desire of China to increase the stocks of raw materials and active work of local companies," - said in the June forecast of consulting group FGE. "We expect an increase in imports of Chinese oil at 730-760 thousand barrel per day. This growth, of course, will support the market this year ", - said in the FGE.

 

Against the background of growth of China's demand growth expectations also worked Info oilfield services company Baker Hughes about a new increase in the number of active drilling in the United States.

 

OPEC left the May forecast for growth in oil demand unchanged. Analysts said the cartel this year it will be 1,2 million barrel per day - up to 94,18 barrel per day. According to previously published short-term forecasts the Energy Information Administration of the US Department of Energy (the EIA) in the current year, world oil demand will rise to 95.26 million barrel per day (b / d).

Source:oilnews

 

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