10.03.2016 16:44 Oil demonstrates a moderately negative dynamics
Oil prices fell nearly 2 percent, retreating from a three-month high. Pressure on the quotation continues to have a global surplus of crude oil as well as the gradual preparation of the US oil refining factories to close for maintenance.
In addition, another factor reducing prices are messages from Reuters. The agency said that the meeting of oil producers in Moscow on March 20 to discuss the agreement on the freezing of production can not take place because of the unwillingness of Iran to join the initiative.
According to representatives of some exporters, they fear another oil prices weakening, if gathered too early and can not come to an agreement. On the representative of OPEC said last week that the oil-producing countries of the Persian Gulf would prefer to meet in the first half of April. In February, Russia, Saudi Arabia, Venezuela and Qatar have agreed to freeze production of oil at the January level, subject to adherence to the agreement of the other major exporters.
"In fact, one might expect that the prices will start to move away from recent highs, as the season begins the closing of refineries for maintenance, - said Virendra Chauhan, Energy Aspects analyst -. We expect the weakness in the physical oil market, as demand from refineries reduced "World demand for crude oil is usually reduced when refineries are moving to a seasonal spring maintenance in anticipation of peak summer demand.
Yesterday, oil prices rose by 5 per cent after the report pointed to a drop in gasoline stocks in the US, offsetting the increase in stocks of petroleum products.
Analysts warn that the world market oil supply still exceeds demand due to the boom in US shale oil production after the OPEC decision taken not to cut production in order to protect their market share. Most experts expect the oversupply of oil will remain until 2017 or 2018. Only after 2020, oil prices may start to rise and reach $ 70 a barrel, analysts say.
WTI for delivery in April fell to $37.32 a barrel. Brent for April fell to $40.05 a barrel.