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Oil is trading lower
This morning, New York crude oil futures for WTI fell by -0.72% to $ 45.41 and Brent oil futures were down -0.77% to $ 47.98 per barrel. Thus, the black gold is trading lower on the background of profit taking as well as expectations of a possible meeting between the largest oil producers. Analysts at ANZ bank note: "the price of oil rose to a four-week high amid talk of a possible restriction of OPEC production. Russia has also stated that it is ready for such negotiations.".The Minister of Energy, Industry and Mineral Resources of Saudi Arabia last week said they were ready to support the action of OPEC and other major exporting countries to balance the markets. He believes that oil producers are to hold a meeting on the sidelines of the International Energy Forum in September 2016 in Algiers. Analysts also believe that the global oil market is affected by concerns about the extraction of raw materials in Venezuela. Due to the economic and political crisis, underfunding industry and mismanagement in the country that has the largest oil reserves in the world.
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