08/04/2015
Ongoing collapse in the American exploration platforms
Crude prices resists the stocks pressures and the strength of the dollar
Oil specialists Said to the "economic" The improved level of Asian demand and US production shrinking after the digger stopping and Iranian exports pumping delayed push prices trend to rise despite the negative factors affecting the market, most notably the rise in stocks and the growing strength of the US dollar.
He explained Dr. Philip Depeche President of the European Initiative for Energy, that there are many variables that occur on the oil market, which requires the producing and consuming countries alike to study these variables to deal with them in order to preserve the stability of the market and the interests of all parties.
Depeche pointed out that the periodic reports on the size of the global stocks of oil significantly affect the price level because the high volume stocks to record levels weaken the demand and push in the direction of lower prices.
For his part, "economic", Eng Modher Khoja, Secretary General of the Chamber of Austrian-Arab trade said, that is closely related to economic growth in the world especially in the Middle East, which is currently filled with a lot of these conflicts, whether activity of armed groups in Libya, Iraq and other political stability.
Khoja stressed on the need to secure energy supplies and avoid risk of armed conflict, pointing out that a military strike in Yemen have led to a temporary rise in oil prices, fearing the impact on oil supplies but the market exceeded the matter shortly after the confirmation of securing shipping lanes, regular supply process and production in manymajor countries.
Ralph Valtman oil analyst at Expro Foundation said to the economic "The Price is improving, especially in the second half of this year at a steady pace.
He Valtman pointed to the sharp and continuous decline in rigs drilling in the United States and the shrinking American production gradually witch push toward continuous improvement in prices despite the concern of some of the impact of the return of Iranian exports in the market and the prospect of falling prices because of it, but it is expected that shrinking US production to be the stronger impact in the coming period.
Valtman stressed that lifting Saudi selling prices in Asia is a reflection of strong indications of growing demand in the Asian countries in the short and long term, pointing out that the US dollar's strength plays an influential role in market trends as the growth of the US currency in the previous period was largely responsible for the decline in pricesoil.
And the daily trading of crude oil prices were relatively declined yesterday under the pressure of the return of the US currency rise but prices remain near the highest level in two weeks in anticipation of data on oil inventories in the United States as the largest consumer of oil in the world, trading Brent crude above $ 57 a barrel, and losseslimit is positive signs of improvement in Asian demand.
US crude trading around $ 51.60 a barrel, down from the opening level of $ 51.94 and recorded the highest level of $ 51.97 and a low level of $ 51.48.
With Brent crude trading around $ 57.50 a barrel from the opening level of $ 57.81 recorded the highest level of $ 57.82 and a low level of $ 57.16.
WTI abandoned futures for some strong gains the previous session during yesterday's trading, as market participants awaited the release of weekly reports on US inventories of crude oil and refined products to measure the strength of demand in the biggest oil consumer in the world.
On the New York Mercantile Exchange, crude oil fell May delivery by 57 cents, or about 1.1 percent, to trade at $ 51.57 a barrel during European trading yesterday morning.
The total crude oil inventories in the United States of 4.471 million barrels since 27 March, the highest level in 80 years at least.
A day earlier, futures traded on the New York oil increased by 6.11 per cent, to close at $ 14.52 a barrel amid speculation that the ongoing collapse in oil drilling rigs in the United States will lead to lower production.
NYMEX prices rose to receive another batch of support after Zhinskab industry research group announced a surprise drop in supplies at Cushing, Oklahoma, a storage center
Elsewhere, in the ICE Futures Exchange in London, Brent oil May delivery by 67 cents fell behind, or about 1.15 per cent, to trade at $ 57.45 a barrel.
Brent prices found further support after Saudi Arabia lifted crude oil sales prices in Asia, indicating improved demand in the region.
