Our outlook for oil remains negative
The price of Light Sweet crude oil shows a positive dynamics on the news of the reduction in US production to 8.8 million barrels per day. In addition, US crude oil inventories last week fell by 3.4 million barrels, against an expected rise of 0.1 million barrels. At the same time, supply disruptions from Nigeria and Libya also support the price of oil. On the other hand, Iran, Saudi Arabia and Russia continue to increase the amount of production that offsets the reduction in US production. We expect the resumption of the negative dynamics of oil prices in the near future, with the potential return of price to the level of 40 dollars per barrel.
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