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Brent crude oil beyond the barrier of $ 50 for the first time in 2016

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Post by RamblerNash Thu May 26, 2016 11:48 pm

Brent crude oil beyond the barrier of $ 50 for the first time in 2016

Brent crude oil beyond the barrier of $ 50 for the first time in 2016 21386

Author: AB, BS, HAA
Editor: AB, BS
26/05/2016 17:28

Long-Presse / Baghdad

Brent crude index on Thursday rose by 1.2% to $ 50.34 per barrel for the first time during the current year, with Analysts attributed the rise to increased demand for crude oil from top oil consumers in the world, had swung the continued rise in oil prices during the year.

Brent crude sales trading index today, rising 1.2% to $ 50.34 a barrel, the highest price seen since last November, while West Texas crude American index rose 1% to fetch up to $ 50.04 a barrel, according to the newspaper (Wall Street Journal) American.

Attributed by many analysts that the rise according to the paper, to the growing demand for crude oil from top oil consumers in the world, such as China and India, in conjunction with declines processing of the major oil producers in the Middle East, namely, Nigeria, Canada, which may continue to weigh on oil prices.

According to the US newspaper that recent weeks have seen unrest in the oil facilities spread between Nigeria and Canada all the way to Libya, it affected the supply in the market, resulting in higher crude price index rises above $ 50, in addition to the low stocks of crude rates in the United States, who was another factor in achieving this increase.

The newspaper quoted some analysts' expectations that prices may continue to rise this year, relying on it for the emergence of an activist in the world's economic powers will require large quantities of oil, where China's import of crude oil rose by 12% this year, consumption, while consumption of India's oil rate increased 10% during the first quarter of this year.

The Brent crude oil record, in January 2016 19 down to below $ 50 a barrel at a time when Iraq announced a record increase production rates, with the expectations of the possibility that the decline stopped but it will not be enough to return them to rise again.

And Brent or Brent, is the crude oil used as a standard two-thirds of the world's oil production for the pricing, especially in the European and African markets, and consists Brent oil blend of 15 different fields in the regions of Brent and Tinian (some of them located in the United Kingdom and one in Norway), which together produce about 500 thousand barrels per day, and is one of the light oil types because of the specific gravity of 38 degrees, low sulfur content of up to 0.37 percent, and building on the differences between him and other raw materials, it is generally sold at a higher price of oil OPEC basket about dollars per barrel, and the price less than WTI about $ also, it uses the value of two-thirds of world imports rolling out of crude oil pricing.

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