Oil operates volatile and close to stability on Monday, sustaining earnings from the end of last week, achieved after an unexpected reduction in the United States crude oil stock and disruption of commodity production in the El-Feel field, In Libya. When it is operating, this location produces 60000 barrels a day.
At 10:05 (Brasilia), WTI Oil for April rose 0.13%, at US $63.63 the barrel, in the New York Mercantile Exchange (Nymex), while Brent for May remained stable, the US $67.04 the barrel, on ICE.
Oil prices have advanced more than 7% in the last two weeks, after concerns about the growing shale production in the US having triggered at the beginning of February a drop of more than 12% in quotations.
Last Thursday, the U.S. Department of Energy (DoE) reported that the total volume of crude in stock in the U.S. fell at 1.6 million barrels in the week ended on February 16. "For the first time in almost four years, U.S. commercial oil total stocks were below the average of the previous five years," according to Stephen Brennock, an analyst at brokerage PVM Oil Associates Ltd.
In addition, the Organization of Petroleum Exporting Countries (OPEC) and 10 other non-cartel producing nations, including Russia, have reduced the production of the commodity by 1.8 million barrels per day since the beginning of 2017. The agreement, planned to end this year, helped raise oil prices by more than 50% in the second half of last year. Source: This is Money
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