Moscow. September 25. INTERFAX.RU – Oil is weakly cheaper in the Asian session on Monday after growth at the end of last week.
The price of November futures for Brent crude on the London ICE Futures exchange to 8:03 Moscow time decreased by 6 cents (0.11 percent) to $56,80 per barrel.
Oil WTI with delivery in November in electronic trading on the new York Mercantile exchange (NYMEX) decreased by $0,13 (0,26%) to $50,53 per barrel.
Last Friday Brent crude rose by $0.14 (0.3 percent), to $56,86 per barrel, WTI – at $0,11 (0,2%), to $50,66 per barrel. Prices rose, respectively, third and fourth consecutive week, writes MarketWatch.
Last Friday, the monitoring Committee for the implementation of the agreement on production cuts by OPEC and non-OPEC again urged all parties involved to comply fully with their obligations and gave recommendations about the future prospects of the agreement. The Committee announced a record-high compliance in August.
According to analysts, at the moment, the oil holds above $50 per barrel is not so much due to the restrictions on OPEC production+, but because of the demand from the refinery, according to CNBC.
To some extent the Russian market is supported by the weakness of the dollar and Friday’s data from Baker Hughes on drilling activity in the U.S.: the number of oil rigs in operation declined for the week by 5, to 744.
In addition, the market is interested in the referendum on independence of Kurdistan, which is scheduled for Monday. The regional authorities announced the possibility of additional incentives for foreign oil companies developing its deposits.