With the enthusiasm of investors to settle their positions
Brent climbs above $ 60 and is heading for a fourth weekly loss
Brent cruderose above$ 60 a barrelyesterday,recovering fromnear thelowest level infiveand a half years,as investorssettletheir positionsbeforethe holidays,afterfallingpricescontinued tosix months.
According to"Reuters", theprice of oiltendstoincur afourthweeklylossin a row, havingdecided tomembers of the Organizationof the Petroleum ExportingCountries (OPEC)last monthnot tocut production,despite thegreat abundanceinthe global supply.
And Brentand UScrudelostabout halfsinceJuneandexpectsmany investorscontinuedthesupplyhas not decreasedordemandincreases.
AndBrent crudefuturesfor February delivery(February)of $1.10to $60.37a barrel, whilethe price of crudedownto $1.91at the settlementyesterday,aftertradingat $63.70a barrel,US crudeprice of $1.20to $55.31a barrel.
TamasVargaSaidat thecompany"Ba.fa.amOilAssociates" tobrokerage services, oil analystin London, said thatsome investorswho had coveredthe citycentersandare preparingto welcomethe holidaywithouttoo muchexposureafter months ofvolatiletrading.KenHasegawa agreed sales managerof primary commoditiesin NewEdgeJapanwith this view, sayingthat aftera long andsteep declineinoil priceswe have seensomebuying interestin recent days,but there is stilla lot ofselling pressure, but nowthere is nogreatdisruption toproduction orchangeinsupply and demand, so you maycontinuefallingoilprices.
Theoil companiesannounceda reduction inspending onexploration andcapitalexpendituresoperations, havinglosttheir economic feasibilityof projectsbecause of fallingcrude prices.