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Title: Oil Prices Rise as Saudi Petroleum Minister Predicts Increased Demand
Source: [None]
URL Source: http://sputniknews.com/business/20141219/1016020128.html
Published: Dec 19, 2014
Author: staff
Post Date: 2014-12-19 07:08:22 by Tatarewicz
Keywords: None
Views: 14
Comments: 1

MOSCOW, December 19 (Sputnik) — Oil prices are on the rise as Saudi Arabia's Minister of Petroleum and Mineral Resources Ali Naimi has predicted growth in the global oil demand.

“The global economy, particularly the economies of emerging countries, will resume growth steadily, and then demand for oil will also grow,” Naimi told the Saudi Press Agency Thursday.

At 9:10 Moscow time (06:10 GMT), the price of WTI light sweet crude oil January futures had increased by 0.98 percent to $54.64 per barrel, while Brent crude futures for February were trading at $59.55 per barrel, rising 0.47 percent.

Oil prices have been declining since the summer amid oversupply in the market. Prices plummeted further after the Organization of the Petroleum Exporting Countries (OPEC), whose 12 member states account for some 40 percent of world oil output, decided not cut production in late November.


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Saudis realizing they can't make Putin say "uncle?"

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#1. To: Tatarewicz (#0)

A less than 1% increase in price is hardly an increase. Prices seldom goes straight down. Downward trends usually have rebounds ten or more times higher than 1%. Whether or not the price of oil has bottomed is something I don't know. However, I am certain that a less than 1% rebound does not indicate a bottom or that the trend has reversed.

DWornock  posted on  2014-12-19   15:05:01 ET  Reply   Trace   Private Reply  


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