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Main » 2015 » October » 9 » Oil topped $ 50 - can unite manufacturers
Oil topped $ 50 - can unite manufacturers

Oil held above $ 50, as the market focused on possible cooperation manufacturers.



Crude oil prices rose in early Asian trade on Friday, passing the key level of $ 50 per barrel, as investors focus on the possibility of a cooperation agreement between the major producers of oil.

On the New York Mercantile Exchange, light, sweet crude for November delivery traded at $ 50.2 per barrel, up $ 0.78, or 1.6%, in the electronic session Globex. The November crude oil "Brent" on London's ICE Futures exchange rose $ 0.54, or 1%, to $ 53.92 a barrel.

Oil received support from the dollar, which rose against the Japanese yen USDJPY. Since global oil prices are tied to the dollar, a weaker dollar means lower costs for foreign buyers.

Asian stocks rose on Friday amid prospects that the US Federal Reserve may extend the current monetary policy until next year, after a disappointing labor market data at the beginning of this month. Shanghai Composite Index opened higher by 0.2%, Nikkei Stock Average rose 0.6%, while the S & P / ASX 200 rose 0.9%, marking the fifth session in a row of growth.

Oil prices also found support in the events in Syria, namely Russia's growing role in the Syrian civil unrest, as growing geopolitical tensions increase the risk of supply disruptions in the long run, analysts say. On Wednesday, Russia intensified attacks on militants launching rockets of four warships in the Caspian Sea.

"The impact will be slow, because the world's supply in abundance, and Syria is not producing oil. It is about the consequences of a large oil-producing region, "- said Virenda Chauhan, an oil analyst at Energy Aspect.

Oil prices have fallen by almost half since last summer due to overproduction that has a large cash oil producers decided to keep its market share and not to curtail production, despite the collapse in revenue.

According to the materials WELTRADE




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