The rises and falls of the balance of oil. Although it takes high during the week, the volume of American stocks still has left the price of a barrel of oil with no direction. To further complicate the matter, the Association of refineries in the American Petroleum Institute (API) estimated that the volume of crude stored in American country obtained an increase of 1.6 million barrels last week.
Due to disclosure of such data, the price of a barrel of Brent for September ranged type oil $ $48 dollars, while WTI was almost US $ $47. But despite the API estimate, the Department of energy (DoE), held a forecast 3,100,000 barrels drop in crude oil stocks.
While the price of a barrel is not hit, the market follows tuned to the volume of American stocks, as well as production in the country, which has shown recovery, while OPEC members maintain efforts to curb cuts the supply of the commodity. The reduction in production will extend until March 2018.
To further strengthen the Pact by next Monday, July 24, the cartel will hold a new meeting in order to discuss the possibility to include Libya and Nigeria, which so far, are exempt from the agreement.
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