The oil for the first time in two weeks returned to $53. The main reason for this is the agreement between Vladimir Putin and Saudi crown Prince on stabilizing the oil market. Later it became known that Moscow is ready to cut production more than 150 thousand, so that the major losses incurred by the Saudis.
“The rate of oil is again under pressure. Mostly because of the statements of al-falikha, which introduced even more uncertainty in this whole situation”, writes Commerzbank analyst Carsten Fritsch.
In his recent interview with Bloomberg al-falih said that Moscow is to reduce “out of principle” and say that the production on her part will be cut even earlier. About the reduction he said he will need to determine who will reduce and by how much. These statements are not so encouraging, as the statements of the previous month. Then al-falih urged to cut production by 1 million barrels a day.
Russian-Saudi cuts will become known tomorrow. Today, the energy Ministers of both countries discussed in Moscow at the special meeting.
Movements in futures
Brent futures for February dipped by 16 cents to $accounting period 61.92 per barrel. Yesterday they rose by 39 cents. Global brand currently worth more than us $8,52.
Us stocks, meanwhile, increased. Last week they rose by 3.57 million barrels, and in General grow for the 11th consecutive week. Stocks of gasoline and diesel also increased.
