Moscow. April 28. Oil rises in Asian trade on Friday after another fall in prices on the eve, in which she was at lowest in a month, writes MarketWatch.
The price of the June futures for Brent crude on the London ICE Futures exchange to 8:00 Moscow time has increased by 48 cents (0.93 percent) to $51.92 a barrel.
The June contract for WTI crude oil in electronic trading on the new York Mercantile exchange (NYMEX) rose by 51 cents (1.04 percent) to $49,48 per barrel.
Thursday trading ended lower quotations due to the resumption of production in Libya: the price of Brent crude oil fell 0.7% to $51,44 per barrel, WTI is up 1.3%, to $48, 97mm per barrel.
The international energy Agency (IEA) fears of reduction of oil supply in the future due to low activity of exploration. The volume of discovered oil reserves in 2016 dropped to a record low, as companies continue to cut costs, said the IEA on Thursday.
OPEC Secretary General Mohammed Barkindo said Thursday about the occurrence of positive trends in terms of global oil reserves. According to him, the fuel reserves in the countries of the Organization for economic cooperation and development (OECD) in February-March have decreased by 39 million barrels – up to the average of the past five years.
“The market’s attention has gradually shifted from monitoring the hands of magicians to OPEC production in the US, which actually is the main determinant of the offer,” say analysts at Commerzbank.