Oil rises in price, investors are hoping for the beginning stages of growth
SINGAPORE (Reuters) – Oil prices rise as investors hope that the 20-month decline in the market coming to an end due to the reduction in production with an increase in demand.
Brent futures rose $ 0.10 to $ 37.03 per barrel, while futures for WTI – at $ 0.14 to $ 34.80.
"Fluctuations in oil prices suggest that the market has reached the lowest point of this year"- says the ANZ Bank report. The same opinion was expressed by the International Energy Agency.
US oil companies are experiencing difficulties with financing. Calculated by Moody’s Investors Service liquidity stress index of the oil and gas industry rose to a record high of 27.2 percent in February.
in US oil production in December dropped for the third month in a row, to 43,000 barrels per day to 9.26 million. US crude inventories last week rose by 10.4 million barrels to a record, according to the Energy Information Administration, the forecast increase of 3.6 million barrels.
Most analysts do not expect a significant rise in prices, while oil production will exceed demand. Now the world production, according to various estimates, exceeds consumption by 1-2 million barrels per day.
Analysts also believe that the agreement of four oil producers to increase production termination relieve the market of excess. Saudi Arabia, Russia, Venezuela and Qatar have agreed to freeze production at the level of January, when production in Saudi Arabia and Russia was close to a record.
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