Oil prices managed to re Ricochet again yesterday, despite falling to below US $ 30 for the first time since 2003 and recorded the first increase in eight days ago. This crude fell WTI to hit US $ 29.93 per barrel before settling at $ 30.44 for the day Tuesday, the lowest level since December 2003, to coincide with the establishment of Nigeria, one of the active members in OPEC an emergency meeting to discuss the deteriorating oil prices. In today's trading we witnessed a rebound in oil prices to rise again on the level of US $ 30 to US following a decline in crude oil inventories unexpectedly increased despite analysts' expectations for inventory but it declined by 3.9 million barrels.
Oil prices benefit from the rebound in risk despite the survival of the fundamentals and expectations of weak prices
This even though oil prices are the wave of the landing impact of market and investor fears of the possibility of slowing economic growth in China. Vosalt oil prices to fall by about 70% since June 2014 following the fears planted by Chinese fluctuations in global equity markets and the survival of US stocks more than 120 million barrels above the five-year average. In addition to the confirmation of the Saudi oil company, the largest oil exporter in the world on January 8 it was considering options for the sale of shares and included groups from refiners.
In a statement to the Nigerian oil minister announced that he is expected to hold an extraordinary meeting of OPEC in early March to discuss the price of crude oil in the case has not seen any rise in the near future. He also pointed to the need to hold a meeting, but once it is sure of his colleagues in OPEC if they are willing to attend there is a difference between whether member countries must intervene to protect oil prices or not. There is a high possibility that most of the Gulf countries reject this proposal, particularly Saudi Arabia in an attempt to protect market share and stay ahead of the curve in the market. This has brought about low oil prices raised the most serious oil-producing countries Nigeria is oil, which represents 90% of the country's export earnings and 70% of government revenue the state has suffered a lot economically from the deterioration of oil prices.
It was being traded WTI at US $ 31.30 per barrel at exactly 9:40 pm GMT. We point out that the market today in the case of anticipation of what might afford the official data from the US Energy Information Administration due to their importance to oil prices and their impact on price fluctuations.
