– Oil is rising on Friday after a significant decline at the end of the previous session.
The cost of December futures for Brent crude on the London ICE Futures exchange to 8:05 Moscow time has grown by $0.14 (0.24 percent) to $57,37 a barrel. To the close of the previous session, the contract fell $0,92 (1,58%) – to $57,23 a barrel.
The price of WTI oil futures for November in electronic trading on the new York Mercantile exchange (NYMEX) increased by that time, of $0.19 (0.37 percent) to $at 51.48 per barrel. On Thursday, the value of these contracts decreased by $0,75 (1,44%) to $51,29 per barrel.
The market decline on Thursday, the experts associated with the desire of traders to fix profits after the rise in oil prices by 3% over the previous four sessions.
“Despite increased geopolitical tensions, including the complexity of relations between the US and Iran, as well as the conflict of the Iraqi authorities and the Kurds, the optimism of the traders involved in the growth of global oil demand supports markets – analyst FXTM, Lukman Otunga. – The question is, how long will it.”
“Traders should keep an eye on how to cope with OPEC increasing oil production in Nigeria and Libya, – the expert quoted by MarketWatch. Given the fact that the increase in oil production in these two countries undermines the efforts of the cartel trying to achieve a balance in the market, OPEC may require them to reduce production.”
As reported, oil shipments from the Northern provinces of Iraq by pipeline to the Turkish port of Ceyhan on Thursday did not exceed 200 thousand barrels during normal delivery volume of about 600 thousand barrels per day. The decline in exports is due to the fact that the control fields received government troops, while the pipeline is controlled by Iraqi Kurdistan.
Meanwhile, according to the Agency Bloomberg, the Iraqi engineers are working to restore oil production facilities and replacement of critical equipment missing as a result of the conflict.
Iraq will probably be able to restore oil production in Kirkuk to the levels of last week until Sunday, media reported.