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    03.05.2016 15:42 Oil prices declined in today's trading

    Prices of oil futures fell 3 percent, extending yesterday's trend and further departing from the year highs. Pressure on the quotation has renewed concerns about the global oversupply of oil, increasing the dollar and the negative dynamics of global equity.

    According to the Reuters poll, the April OPEC rose to highs in recent history, as the increase in production in Iran and Iraq offset strike in Kuwait and other delays in deliveries. Production increased to 32.64 million barrels per day to 32.47 million barrels a day last month.

    Another factor in the decline in oil prices were today's data on China. Recall, China is the second largest after the US oil consumer in the world, and the economic slowdown in this country is a negative signal for the oil market. Report by Caixin Media Co. and Markit showed that China's manufacturing PMI index in April fell to 49.4 against 49.7 in March. Reducing index indicates a slowdown in China's manufacturing sector. Index is in negative territory for 14 consecutive month. The official manufacturing PMI in China, according to data released on Sunday, was 50.1 in April from 50.2 in March. "All categories of the index pointed to worsening conditions in comparison with March, while the production index fell below the neutral level, - said Hui Fang, chief economist at Caixin Insight Group -. These fluctuations suggest that the economy lacks a solid foundation for recovery, and that the process of reaching the bottom is not yet complete. "

    Also today, the European Commission reported that the slowdown in economic growth in China and other emerging markets this year could lead to a reduction in GDP growth of the eurozone and the EU. The European Commission expects the euro area GDP growth in 2016 will be around 1.6% against the previous forecast of 1.7% and EU GDP growth of 1.8% against the previous forecast of 1.9%. The growth of the EU's GDP in 2017 will be at 1.9% against the previous forecast of 2.0%. Inflation in the euro area in 2016 is projected to be 0.2% against the previous forecast of 0.5%. In 2017, inflation is expected to rise by 1.4% against the previous forecast of 1.5%.

    Investors are also waiting for data on oil reserves in the United States - on Tuesday they will release the American Petroleum Institute, and on Wednesday, official data release Ministry of Energy. According to the average forecast of analysts surveyed by Bloomberg, tomorrow's report will point to the increase in inventories by 0.5 million. Barrels. Recall the previous week stocks increased by 1.999 million. barrels.

     

    WTI for delivery in June fell to $43.57 a barrel. Brent for June fell to $44.98 a barrel.

     


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