In today’s trading, oil quotes demonstrate significant growth amid falling dollar and news of supply disruptions from the Middle East and Africa.
The US dollar is getting cheaper against almost all major world currencies on the news that the future British Prime Minister Theresa May will assume his duties on Wednesday. Earlier, there were fears that the struggle for leadership of the Conservative Party may be delayed.
Earlier, the British-Dutch company Royal Dutch Shell has confirmed the closure of the pipeline Trans Niger Pipeline (TNP), one of the most important in Nigeria following a leak. TNP, the capacity of which is about 180 thousand barrels per day, delivers crude oil to the Bonny Light export terminal and the local refinery.
Also reported disruptions to shipping in Iraqi oil port of Basra due to leakage from the pipeline.
In addition, market participants are waiting for the weekly data about the level of US oil reserves. It is expected that the official data of the Ministry of Energy, which will be published on Wednesday, show the reduction of stocks more than 3 million barrels.
OPEC expects that the excess supply of oil will leave the market in the next year due to the reduction of production outside the cartel.
Oil production outside OPEC in 2017 may decrease by 100 thousand b / d -. to 55.9 million b / d. Oil production growth is expected in Brazil and Canada, while Mexico, the US and Norway can demonstrate a decline in production.
Demand for oil next year could rise by 1.1 million b/d – up to 33 million b/d.
Oil production in Saudi Arabia increased in June by 280 thousand b/d -. to 10.55 million b/d, which is close to the record level recorded a year ago.
The cost of the August futures for US light crude oil WTI rose to 46.24 dollars per barrel.
September futures price for Brent crude rose to 47.97 dollars a barrel on the London Stock Exchange ICE Futures Europe.
The post Oil quotes increased today appeared first on forex-analytics.press.