Oil rises in price on Monday on the statements of OPEC and the depreciation of the dollar

Oil rises in price on Monday on the statements of OPEC and the depreciation of the dollar


The cost of December futures for North sea petroleum mix of mark Brent grew to 48.48 per dollar per barrel. The price of WTI crude oil increased by 0.56% to 44,54 dollars per barrel.

MOSCOW, 9 Nov. The world prices for oil show positive dynamics on Monday on expectations OPEC about increasing demand for “black gold” in 2016, and amid the decline of the dollar, according to AFP.

As at 13.23 GMT the cost of December futures for North sea petroleum mix of mark Brent has grown on 0,64% — to 48.48 per dollar per barrel. The price of futures for WTI crude oil increased by 0.56% to 44,54 dollars per barrel.

OPEC Secretary General Abdalla Salem al-Badri expects that in 2016 the oil market will become more balanced, as the demand for “black gold” will continue to grow. “We see that global demand for oil continues to grow. We see that the supply from countries outside OPEC, declining. And we see an increase in demand for oil of OPEC countries”, — quotes Agency Reuters his words.

Also, according to a report by the International energy Agency (IEA), which was published in October, growth in world oil demand in 2015 will accelerate to five-year high of 1.8 million barrels per day, and in 2016 this growth will slow to 1.2 million barrels per day.

In addition, investors are awaiting another OPEC meeting to be held on 4 December. The cartel plans to discuss policies in the field of mining. OPEC not reducing production, despite the plunge in world oil prices to preserve market share, while Saudi Arabia holds the level of oil production is almost at a record level.

An increase in the cost of oil also contributes to the depreciation of the dollar. As at 13.23 GMT, the dollar index (the dollar against a basket of six currencies of major US trading partners) fell by 0.25% to 98,99 item.