On Monday the auction on oil of a grade Brent has opened at the level of $46,15 for barrel. The price gap has made +1,8%. Oil has risen in price against resignation of the Saudi minister of oil and wildfires in Canada.
On Saturday May 7 the king of Saudi Arabia Salman ibn Abdul-Aziz Al Saod has ousted the head of the ministry of oil Ali an-Nuaymi in connection with abolition of department. Instead of the ministry of oil the Ministry of Energy, the industries and mineral resources which was headed by the head of the Saudi Aramco oil company have been created.
Canada burns. The area of wildfires in the Canadian province of Albert has reached 200 thousand hectares. The woods burn since May 1. The strong fires have forced the oil companies to reduce oil production by 1 million barrels a day, Bloomberg notes. Experts believe that if temperature doesn't decrease and wind won't cease, several months won't be possible to put out the fires.
Yesterday in the second half of day the barrel of Brent has fallen in price by 6,0%, to $43,30. No news stood behind falling of the prices. At inability of buyers to be fixed of higher than $46,76 for the market the bear moods caused by statements of the minister of oil of Iran Bidzhan Zangane who on Sunday has declared that Iran doesn't accept the plan for a freezing of level of production of oil offered by Saudi Arabia have returned.
On cycles correction to the trend line of $42,67 is looked through, but there are also risks to fall to $42,20/30 for barrel.
As the zone of support of $44,17 – $44,43 is passed, and the economic calendar is empty for today, according to the forecast it is more expedient to consider decrease in oil quotations to $42,20 today. Perhaps, for Tuesday the level of $42,20 low and slightly shocking. If the price doesn't keep up with the expected line, then as the purpose it is possible to predict the level of $42,60.
No comments:
Post a Comment