Oil futures traded without a single dynamic, but only with a slight change. In the course of trading influence uncertainty about world supply, as well as news of the terrorist attacks in Brussels, which triggered a flight from risk in safer assets.
In recent weeks, expectations regarding the negotiation of oil producers have supported prices, but some analysts warned that the market players may be disappointed. Since the beginning of the month the price of WTI crude oil rose by about 20%. Some traders and analysts say that after such a significant rally have the opportunity to lock in profits.
“Today, oil traders very much distracted by macro events, assessing the mood in the broader markets,” – said Matthew Smith, an expert Clipper Data.
Previously, support for the oil companies have data from Genscape, which showed that oil inventories in Cushing, Oklahoma, fell by 570,574 barrels to 69.05 million a week. Official data on US oil and petroleum products will be presented to the Ministry of Energy on Wednesday. Analysts predict that for the week ending March 18, crude oil inventories rose by 3.0 million barrels after increasing by 1.317 million. Barrels.
Negative impact on prices statements OPEC delegate from Libya, who noted that the country has no plans to attend the meeting to discuss the freezing of raw materials production, to be held in Doha next month. The delegate added that Libya wants to increase production until the situation allows. Before the civil war in 2011, Libya was producing 1.6 million barrels of oil per day, but now production is about 400,000 barrels per day.
Meanwhile, today the Deutsche Bank analysts said that has already begun re-balancing the global oil market. Excess supply in the world oil market in 2016. Deutsche Bank is estimated at 762 thousand barrels per day (b / d) in 2017 -. Three times less, 225 thousand b / d.. As a result, in 2018 the oil market could face a shortage of supply in the amount of 500 thousand. B / d. The volume of oil production in the US is estimated Deutsche Bank, will decline this year and next, but may stabilize in 2018.
WTI for delivery in May fell to $41.35 a barrel. Brent for April rose to $41.65 a barrel.
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