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Petroleum prices grow during the before holiday trading

The oil prices growth has been noted on Thursday during the weakened before holiday trading, as the market is recovering from the previous losses.

23.Dec.16 3:56 AM
By Anna Tuzova


Petroleum prices grow during the before holiday trading
As at 12/22/2016 09:55 GMT the WTI February futures traded at the New York commodity exchange gained 4 cents, or 0,08%, to $52,53 per barrel after the fall of 81 cents, or 1,52%, the day before.

At the London ICE exchange the January Brent futures has grown in price by 6 cents, which is 0,11% to $54,52 per barrel. The day before the contract gone down by 89 cents, or 1,61%. 

The U.S. Energy Information Administration stated in its weekly report that oil reserves have grown by 2,3 million barrel in a week period ended December 16. Market analysts expected the decrease of reserves by 2,5 million barrel.

The concern about the increase of oil output in Libya creates additional pressure on quotations.

At the same time traders wait for the future allegations of world producers’ intentions to strictly observe terms of agreement on oil output limiting the following year.  

OPEC members agreed on the coordinated oil output limiting for the first time since 2008.

11 traders outside the OPEC, besides, agreed to limit volumes of their production by 558000 barrels per day.

Traders, however, are still skeptical of the agreement, suggesting that the planned limitation won’t have the expected significant effect.

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