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Expert's opinion from FXFinPro

The potential for growth of oil has dropped significantly

The price of oil continues to rise against the background of a weakening dollar, short covering, as well as speculation regarding a possible reaching the consensus during the meeting of major oil producers in the capital of Qatar - Doha on 17 April. According to the oil industry Minister of Qatar, in the meeting may take part representatives of about 15 countries, whose total volume of oil production is 73% of the world’s total output. It is worth noting that Iran has announced its intention to increase the volume of production to the level of 4 million barrels per day, which will help to offset the expected decline in US oil production. Current growth in accordance with our expectations may continue, but its potential is low and we expect the resumption of the negative dynamics of prices with the potential reduction by 20-25%.

More detailed analytics you can see at our site https://fxfinpro.com/en/analytics

 

Friday, 18 Mar, 2016 / 12:13

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