Brent: prices decline has resumed after comments from oil ministers

TRADING RECOMMENDATIONS

Pressure
the oil and gas sector of the global economy and oil prices resumed after
how yesterday Saudi Oil Minister Ali Al-Naimi commenting
the recent agreement of 4 countries (Russia, Saudi Arabia, Qatar, Venezuela) on
frozen oil production levels in January, said that Saudi Arabia does not
planned reduction in oil production. On top of that Iranian Oil Minister
Bijan Zanganeh named yesterday the idea to limit oil production "comic".

Iran
still it intends to increase oil production to at least 4.2 million
barrels a day in the near future.

previous meeting
4 representatives of oil-producing countries in Doha (Qatar) has revived hope for the future
collective limit the scope of global oil production.

More
addition, an agreement was joined by other countries, including Iraq, Oman, Qatar.

However, yesterday
Ministers comments reinforced the position of the oil market sellers and the price is spot-on
Brent crude oil fell to around 33.00 dollars per barrel.

yesterday American
Petroleum Institute (API) reported an increase in US oil inventories of 7.1 million barrels.
If today at 15:30 (GMT) US Department of Energy confirmed the forecast of growth stocks
oil and petroleum products in the country in the last week (at 3.165 million barrels), the
pressure on oil prices skyrocket, and US oil inventories reached a new
a record high for the past 80 years.

again
growing crisis in the oil market may entail a growing concern
investors about the health of the world economy that can
trigger another fall in global stock markets.