Oil Prices Down 1.5% Along Hopes Increase US Oil Supply

PT Equityworld, New York – Oil prices fell 1.5 percent as there is hope of rise in US oil supplies. However, oil prices ditransaksi at the highest level on a weekly basis. It induced optimism of market participants after OPEC signaling agreement with other oil producers to strong commitments crop production.

The price of oil West Texas Intermediate (WTI) for April delivery fell 1.4 percent, or 74 cents, to US $ 53.59 per barrel. While the price of Brent oil slipped 90 cents, or 1.6 percent to US $ 55.76.

Ahead of industry and government reports the United States (US) about the weekly oil supplies, analysts expect no increase in supply of around 3.3 million barrels of oil.

“We have seen a significant improvement for crude stocks sejal beginning of the year. The market has been able to maintain the buying action. I think the underlying sentiment pushed reinforcement. What’s more the market is also being tightened product,” said Andrew Lebow, an analyst at Commodity Research, was quoted as saying of pages by Reuters on Thursday (02/23/2017).

Sentiment oil-producing nations to live the commitment of OPEC to cut output into a fresh breeze in the market. OPEC Secretary General Mohammad Barkindo memuturkan, group and other producers including Russia will improve compliance-related outcomes agreed to attempt to overcome the excessive supply and increase prices.

Non-OPEC countries which joined in the deal also has limited oil production at least about 60 percent. This was higher than expected.

read Gold prices rose 0.5% Still Got There are indications of the Fed’s rate hike | PT Equityworld

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