Oil quotes on Thursday morning are continuing to fall. Brent crude at 10:30 EET was selling at around $63.38, whilst WTI with July delivery was trading at $59.33 per barrel. At Wednesday’s close, North Sea oil on July contracts was trading at $63.66 a barrel and the price of light crude at $59.53 per barrel.
Today’s quotes are falling in connection with OPEC’s announcements. At the sixth international OPEC seminar, the head of the organization, Abdulla El-Badri, pointed out that there is sufficient demand and supply in the world at the moment. Meanwhile, the UAE’s minister for energy, Suhail Mohammed Al Mazroui, made clear his thoughts about there not yet being a correction in the balance of supply and demand on the world oil market. From this it is suffice to say that the chances that OPEC will lessen its extraction quota are falling.
The effect of the cartel’s rhetoric before the meeting gathered strength and outweighed the statistical data. Investors forecasted a fall in US reserves for last week
Over the course of the day, Brent will be in the $62.50-65.00 a Barrel range, whilst WTI won’t leave $58.50-61.00 per barrel.