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The sharp jump of oil prices is observed on Monday

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The sharp jump of oil prices is observed on Monday

The sharp jump of oil prices is observed on Monday
September 05
10:30 2016

Oil prices have rapidly flown up at the beginning of the bidding on Monday. The cost of the futures for Brent crude oil has jumped by 3.1% at the beginning of the day, and was equal to $ 48.29 per barrel. After that the growth slowed down, and the contract was kept on the mark of $ 47.95 per barrel.

The cost of a futures contract for WTI crude oil for October has risen by 1.9% – to $ 45.29 per barrel.

The head of the BP Department on the integrated supply and trading in the Eastern Hemisphere Andy Milnz said that the oil market was in the turning point because of the strengthening demand in developing countries. The Commodities Asia summit, organized by the FT newspaper, was held in Singapore. During the summit Mr. Milnz reported that the demand from emerging markets started to overtake the proposal, even despite the existence of surplus stocks. Andy Milnz considers that the inventory reducing is likely to take place in 2017. According to him it will give the opportunity for the development of a “more constructive market”.

Ali Kardor, Managing Director of the National Iranian Oil Co. (NIOC), informed the news agency Mehr that Iran was not going to freeze or reduce the oil production.

At the same time, Mohsen Qamsari, NIOC Director for International Affairs, drew attention to the fact that Iran had the opportunity to increase the raw material production to 4 million barrels per day during the period of 2-3 months.

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