Crude oil prices developement
On Friday, crude oil prices remain at their lowest levels since the beginning of 2009, after production in the Middle East continues to rise despite the already huge global glut. Analysts quoted by Reuters say that the outlook for prices until the end of the year and the beginning of 2016 remained weak.
Futures on Brent oil recorded a decline of 29 cents to 39.44 dollars per barrel, which is less than seven minimum stated earlier in the early session in London from 39.38 dollars per barrel.
Futures on US crude WTI traded at a price of 36.52 dollars per barrel, or 24 cents down and just above the bottom of 36.38 dollars a barrel on Thursday. These are the lowest levels since February 2009.
“The next quarter will be particularly difficult as we move from quarter with high demand for such low demand,” said Richard Woods, director of the consulting house JBC Energy Asia.
“Can we exclude a price of $ 20 a barrel? No, we can, “he said, but added that prices likely will not fall so much.
Forests expected to slowly rebalance the market by the end of next year, the yield will remain stubbornly high despite the low prices of “black gold”.
“Many manufacturers are trying to maintain a positive cash flow, which means an increase in production to maximum levels, but also Iranian barrels are back on the market,” he says.