Oil Prices Rise BeforeThe Lunar Holidays
Despite only moving a thin, oil futures prices rose slightly in Asian trading session onFriday (5/2). The liquidity of the Asian markets faded ahead of the Lunar New Yearholiday in China. Meanwhile, Venezuela still keep trying to affect the other manufacturers to limit production.
Texas oil futures contract Light Sweet or also called West Texas Intermedate (WTI)traded flat at the range of 31.71 Dollars per barrel or strengthened 0.58 percent fromthe closing session of a day ago. This is the case in the stock exchangeIntercontinental Exchange (ICE) in London, Brent North Sea oil is also steady, risingjust 0.43 percent at 34.53 USD per barrel. Energy traders argued the trading liquidity is low ahead of holidays in Exchange China in commemorating the Holy day of Chinese new year.
This week, the oil market is moving very volatile as some bullish indicators like down the Dollars and the possibility of talks between major oil producers to lowerprices, which clashed with the bearish report from the U.S. crude inventory entry,increasing the production of Iran and further slowing the global economy. Butbasically, the outlook oil market remained bearish, as long as the major manufacturershave not yet reached an agreement on the output and slowed the economy becauseChina has now extends almost to the whole world.
Latest news mention that Venezuela's petroleum Minister, Eulogio Del Pino was on a series of visits to several countries, oil producers in an effort to raise prices. Quoted from one of the news agency, Iran last Wednesday, Del Pino said the six countries areoil producers, including Iran, Iraq, Russia and Oman supports the holding of the meeting. But so far, Saudi Arabia has not publicly endorsed the meeting.
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