Today the oil prices fell, with the losses rising to more than 2% since yesterday, after US government data showed a sharp increase in gasoline stocks. The Brent contracts fell to 61.58 dollars per barrel, while US crude oil \u201cWest Texas Intermediate\u201d to $56.36.<\/p>\n
Crude oil inventories in the US fell last week to 448 million barrels, the lowest level ever since October 2015. Analysts forecast that next year\u2019s prices will remain between $40 to $60, some went as far as to declare expectations as much as $80.<\/p>\n
Some international reports said that crude oil prices may face some pressure next year if the most densely populated countries in the last year \u2013 China and India – accelerate the development and adoption of electric cars.<\/p>\n
Oil markets continue to receive support from the extension of production cuts, which was approved by OPEC and its partners on November 30, and the decline in the Organization\u2019s crude oil exports to a six-months low has led to price coherence. Some analysts have suggested that oil production cuts by the Organization of Petroleum Exporting countries (OPEC) and independent producers and the extending agreement until next year have contributed to the increase in Brent crude\u2019s price by more than 40%, since June, and accordingly, more than 130% since the beginning of 2016, when prices fell to their lowest levels since 2003.<\/p>\n
OPEC is aiming to cut production by about $1.2 million bpd as part of an agreement with Russia and some other producers outside the Organization, who also committed to production cuts. Oil is trading at nearly a 2-year high supported by falling inventories, stock demand and a high commitment to the reduction.<\/p>\n
Producers at their last meeting on November 30 extended the deal to cut production until the end of 2018, as expected.<\/p>\n
OPEC announced last year a target production level of 32.50 million bpd. Indeed, November\u2019s production averaged 32.35 million bpd, around 600,000 bpd above the target.<\/p>\n","protected":false},"excerpt":{"rendered":"
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