Thu, 10 Oct 2013 10:39:00 +0400
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It is interesting to watch more and more experts improving their oil forecasts for 2016. The World Bank experts are some of them. To be more specific, they expect the oversupply currently seen in the global market of crude oil to shrink in the coming months. If that’s the case, this is definitely going to push oil prices higher.
For those of you who don't know, the recent oil summit in Doha, Qatar has failed to end up with an agreement aimed at urging major oil-exporting nations to freeze their oil production quotas at January’s levels. Instantly after the new, the oil market crashed by 7% but then recovered. Still, more experts believe that this event may have serious consequences for the entire oil markets, including another bear market, as well as the end of OPEC as we know it.
As you probably know, the recent oil summit in Qatar failed to end up with an agreement between all the participating oil-exporting nations to freeze their oil production quotas at the level of early January 2016. This triggered an instant reaction of crude oil and the Russian Ruble, which slightly lost a bit of the recently regained ground against the U.S. Dollar.
More and more online media sources report that Apple is actually planning to slow down its iPhone production in the second quarter of 2016. It is reported that the key reason for Apple deciding to cut down on the production is the fact that iPhone sales are slowing down.
After the international community learned that the recent oil summit in Qatar had ended up with no results, the oil market in London showed a sharp decline over the first couple of minutes. To be more specific, Brent oil lost 7% of its value at a time, thereby seeing its price go down to $40,16/b. Still, there was no further downtrend. The price recovered a little bit and reached $40,71 a few hours later. As for WTI oil, the price also dropped by approximately the same amount of percent points.