Mensajepor ramifur » Vie Jun 05, 2015 10:57 am
Crude-oil prices turned lower Friday as the Organization of the Petroleum Exporting Countries agreed not to cut production at a closely watched semiannual meeting of the oil cartel in Vienna.
Saudi Arabia’s oil minister Ali al-Naimi said that the oil cartel will maintain its 30 million barrel-a-day production level—a move that was widely expected.
Oil prices, which had been trading in positive territory, initially held their ground immediately after the announcement but succumbed to pressure later in trading. Crude prices are on track to register weekly losses as traders had expected OPEC not to do much to alleviate a global glut in oil supplies by cutting production.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in July CLN5, -1.33% was trading at $57.49 a barrel, up 52 cents in the Globex electronic session, on track for 4.6% loss for the week.
July Brent crude LCON5, -1.37% —the global benchmark—trading on London’s ICE Futures exchange was down 30 cents at $61.77, headed for a weekly loss of 6%.
Before heading into the meeting in Vienna, several oil ministers said they would discuss raising the ceiling from the current level of 30 million barrels a day. But most believed OPEC would maintain current production levels, as it did, despite low oil prices and Iran’s likely return to the oil market if western sanctions are lifted.
Read: Rise in OPEC output ceiling on the table as meeting gets under way
Heading into the meeting, Iranian Oil Minister Bijan Zanganeh told Reuters that most OPEC members agree $75 a barrel is a “fair” oil price
Read: Iran pushes to be heard at OPEC meeting
When OPEC last met in November 2014, the cartel led by its largest producer Saudi Arabia took a controversial decision to stop supporting oil prices by adjusting its production levels and to allow market forces to take over.
The landmark decision led to oil prices falling to multiyear lows and the decline continued until mid-January when Brent crude fell to a low of $46.59 a barrel, while Nymex oil futures fell to a low of $43.46 a barrel in mid-March.
“Friday’s OPEC summit in Vienna has shifted attention away from the latest swing in the U.S. dollar or the decline in U.S. crude-oil inventories and back onto the larger, global supply-demand balance,” analyst Tim Evans at Citi Futures wrote.
ya se esta haciendo tanta "CAJETA"...
