• Oil prices fell slightly

Market news

13 May 2016

Oil prices fell slightly

Quotes oil futures are down again, ending a three-day rally, due to the rise in price of the dollar and partial profit-taking by some investors.

"I would like to mention last fall to lock in profits after three days of strong growth In addition, investors are gradually preparing for a long weekend.", - Said Carsten Fritsch, analyst at Commerzbank. On Monday, markets in many European countries, including Germany and France, will be closed for a public holiday.

Further reduction of prices holding back the news from Nigeria, where, due to supply disruptions of oil production fell to 22-year low. Minister of Finance of Nigeria said that the country's oil production fell to 1.65 million barrels per day from 2.2 million barrels per day before the failure.

The decline in production in Nigeria added to ongoing problems in Canada, where forest fires have led to the closure of a number of oil facilities. "Forest fires have led to the temporary reduction of production by 1.4 million barrels per day, but the facilities do not seem to have suffered Activity is starting to recover, but we believe that in order to restore production take weeks.", - The experts at Jefferies.

Little influenced by a report from the Organization of Petroleum Exporting Countries (OPEC). As it became known, OPEC kept its forecast for global oil demand in 2016, which is expected to grow by 1.2 million barrels per day to 94.18 million barrels per day. In 2015, according to estimates, the demand for oil in the world increased by 1.54 million barrels per day to 92.98 million barrels. In particular, demand for oil in China in 2015 increased by 0.37 million barrels per day in 2016 is expected to increase by 0.28 million barrels per day. In 2016, as the experts expect production in countries outside OPEC will decline by 0.74 million barrels per day (figure revised to 10 th. Barrels per day downward) to 56.4 million barrels a day.

WTI for delivery in June fell to $46.31 a barrel. Brent for June fell to $47.81 a barrel.

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