Oil prices still hovering near $50 a barrel, awaiting the outcome of the meeting of the Organization of countries-exporters of oil (OPEC) and new data on the state of supply and demand in the global market.
The last weeks were marked by interruptions in oil supplies from a number of countries, including Nigeria, Libya and Canada.
Yesterday oil prices fell slightly during the North American session as traders focused on the prospects of supply on the world oil market.
The market expects the volume of oil production in Canada will increase this week as the company Suncor Energy said that he was going to resume work on the oil fields in Alberta, suspended in early may due to forest fires.
Interruptions in the supply due to forest fires in Canada and the conflict in Nigeria has contributed to an increase in oil prices to $50 at the end of last week. Nevertheless, as solutions to the problems with supply traders again switch to the oversupply of oil.
According to recent reports, Iraq is going in June to increase crude oil exports by 5 million Saudi Arabia, Kuwait, Iran and the UAE also plan to increase oil production later this year.
Now traders are waiting for the summit of the Organization of countries-exporters of oil which will be opened on Thursday. Most analysts expect that in the face of rising prices, the cartel will leave production quota unchanged.
At the previous summit, which was held in April in Qatar, OPEC members failed to agree on the freezing of oil production at the current level, because Saudi Arabia has insisted that Iran has joined the agreement.
The cost of the July futures on U.S. light crude oil WTI (Light Sweet Crude Oil) rose to 50,10 dollars per barrel.
The price of July futures for North sea petroleum mix of mark Brent rose to 50,78 dollars per barrel on London’s ICE Futures Europe exchange.