Oil is trading in a weak positive territory in anticipation of OPEC meeting

Oil is trading in a weak positive territory in anticipation of OPEC meeting


According to the auction, the futures price for Brent blend rose 49,81, the price for light oil WTI increased by 0.63%.

MOSCOW, 16 Oct. World oil prices continue to show a weak positive trend on the investors anticipation of the expert meeting of OPEC, according to AFP.

As at 18.39 GMT the cost of December futures for North sea petroleum mix of mark Brent has grown on 0,17% — to 49,81 dollars per barrel. Price of November futures for oil of mark WTI has grown on 0,63% — to 46,67 USD per barrel.

The oil market strengthened on speculation about the forthcoming meeting of Russia and the Organization of countries-exporters of oil. Energy Minister Alexander Novak has previously stated that the country is ready to participate in consultations with the countries-members of OPEC about the situation on the market. He also expressed readiness to discuss the situation with countries outside the cartel. Representatives of the Ministry of energy of the Russian Federation on October 21, will participate in the expert meeting of OPEC.

“Only the fact that they will meet, making investors a little nervous. The market is very sensitive to any question about the production”, — told the newspaper The Wall Street Journal, Director of futures trading at Mizuho Securities USA Inc. in new York Bob Yager (Bob Yawger).

Investors also play data the U.S. Department of energy. Earlier the Agency reported that oil production in the country during the week decreased by 76 thousand barrels per day — up to 9,096 million barrels. Gasoline inventories fell by 2.6 million barrels, and reached 221,3 million barrels, distillate stocks also fell by 1.5 million barrels — to 147.6 million barrels.