Oil continues to rise above $ 35


 

Khandan – Oil prices continued to rise above $ 35 a barrel on Thursday after he jumped seven percent in the previous session, supported by the dollar’s decline, which overwhelmed its impact on oversupply and rising US inventories to a record high.

And also it increased the price of crude at a time when it seems that Venezuela’s oil minister has the support of more members of OPEC and independent producers to hold a meeting during the tour to urge that steps be taken to support prices.

The dollar continued to decline due to speculation that the Federal Reserve (the US central bank) may not raise interest rates this year. It supports the dollar fall in oil and other commodities denominated in the US currency.

And increased the global price of London Brent crude 35 cents to $ 35.39 a barrel by 0949 GMT. The price of crude has risen 30 percent from its lowest level since November 2003, which hit on January 20, while of $ 27.10 a barrel.

US crude rose 40 cents to $ 32.68 a barrel.

And the relocation of the Iranian Ministry of Oil Information on the Internet (Shana) by the Minister of Venezuelan oil Aaolockheo Del Pino as saying that six countries including Iran, Iraq, members of the OPEC, along with Russia and the Sultanate of Oman supports the holding of a meeting between producers.

It is expected that the Venezuelan minister to visit Qatar, which holds the OPEC presidency in 2016 on Thursday. And so far it has not announced any of the Gulf members of OPEC, including Saudi Arabia’s largest oil exporter in the Organization’s support for the convening of such a meeting.

And it influenced an oversupply negatively on the recent wave of climb of oil prices with rising US stockpiles to a record high.

The publication of a government report showed Wednesday that crude stocks in the United States jumped 7.8 million barrels last week to a record high of 502.7 million barrels.

 

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