Oil prices are stable, growth is constrained by the continued excess of offer
Oil prices are stable on Thursday morning after a powerful rally on the eve of: limiting factor is the continued excess supply of raw materials.
By 8.50 GMT, futures for Brent oil fell by 0.10 percent to $ 49.65 per barrel.
Futures for WTI US crude this time traded at a mark of $ 47.10 per barrel, up 0.04 percent from the previous close.
Quotes still fails to break fundamentally important mark of $ 50 per barrel – a major factor of pressure is still oversupply in the world oil market, despite the continuing effects of the global pact on production constraint.
Neftekartel OPEC and several countries outside the organization, including Russia, previously agreed to cut production by about 1.8 million barrels per day in order to restore the balance of world supply and demand.
July 24 in St. Petersburg will host a meeting at which some of the parties to the agreement to discuss its implementation.
In the course of the previous session support to the market had a significant reduction in raw material stocks in the United States.
However, according to traders, they are still high, and today exceed the mark of 490 million barrels.
In favor of oil, analysts say, could play a growing geopolitical tensions, including the possible introduction of US sanctions against Venezuela and the escalation of the conflict in the Middle East and North Africa.
"We do not think that such a silence lasts forever, geopolitical risks are rising again"- ANZ analysts said.
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