On trading results of the beginning of the week, oil prices have adjusted. Brent for January delivery closed trading at about $ 72.8 per barrel. WTI crude oil rose up to $ 69.2 per barrel. Short-term growth has been driven by two factors.
Note: At the time of publication the price of Brent oil is 71.17.
Firstly, the speculators take profits. Second, Venezuelan Foreign Minister Rafael Ramirez told the newspaper "Panorama" said OPEC may convene an emergency meeting in the first quarter of 2015. According to preliminary data, the new meeting could take place in February, at which members of the cartel to assess the implications of the November’s decision.
Yesterday morning quotes again began to decline. Dynamics of oil prices is due to the decision of OPEC, the slowdown of the global economy and record oil production in the United States. On the background of general panic, the tranquility of the United States surprised those countries whose budget is almost entirely dependent on oil prices.
According to them, shale oil is very expensive and it requires very expensive technologies. However, these countries do not take into account the fact that US crude supplies are very large, and economic growth in the oil sector of the country is very conducive to the availability of high-tech equipment for the extraction of shale oil.
Now investors are interested in what to expect from the market in the near future. It's very simple: do not count on growth; there can be only short-term upward correction.
From a technical standpoint, quotes reached important psychological levels, which will be difficult to break but false breakouts still not excluded. Thus, in the short term, "bears" can test the level of $ 63 per barrel for Brent and $ 59 per barrel for WTI.
Falling of oil prices accelerated after the November 27, when OPEC countries did not reduce production quotas, leaving it unchanged at 30 million barrels per day.