Oil Market Reports 2016

World oil prices fell on thin trading today. It is, making a profit is reduced by more than 10% at the end of last week amid renewed talks that OPEC may finally agreed to cut production to reduce excess oil.

As quoted by Reuters on Monday (2/15/2016) Mood in the Organization of Petroleum Exporting Countries (OPEC) to shift from distrust is a growing consensus that a decision must be reached regarding how ending the global oil price.

Brent crude oil for April delivery fell 54 cents to USD32,82 barrel at 00:32 GMT. On Friday last week surged 3.30% after reports quoted energy minister of the United Arab Emirates said that OPEC was willing to cooperate on the decline in production.

NYMEX crude for March delivery fell 38 cents to settle at USD29,06 per barrel. There will be no settlement today for US crude for Presidents' Day holiday, and trading may be thinner than usual.

On the other hand, Iran exports 1.3 million barrels of crude oil per day (bpd), and will pump 1.5 million barrels per day. Iran will carry 4 million barrels of crude oil in tankers to Europe within 24 hours.

 World crude oil prices improved from the worst position in 12 years in early trading today, Friday (02/12/2016), although the outlook still looks grim. Strengthening US oil affected by the statement of energy ministers of the Organization of Petroleum Exporting Countries (OPEC) to trigger expectations of their cooperation to cut their production. But analysts doubt it.

Reported by Reuters, they assess the global oil price will not move too far away as well as the supply will persist. Carrying on this day, US crude oil West Texas Intermediate (WTI) is in position USD27,35 barrel struck 00:14 GMT with details USD1,14 or 4.35% rise to survive from the previous position.

Brent crude oil futures prices also improved with the increase in the level USD31,01 17 cents a barrel to trade in a range between USD30,01 until USD31,14.

Weaker oil prices in the previous session affected by the growing domestic stocks makes investors fled from risky equities and aser tend to seek safe investments like gold. But these days the energy ministers from the Middle East and the countries of OPEC said oil producers are willing to open talks with other exporters related to production cutbacks.

Minister of Energy United Arab Emirates (UAE) repeatedly affirmed that OPEC members could discuss with other countries to cut production, despite the cheapness of the world oil price has forced some companies to make cuts output.

While analysts say they are a bit pessimistic there is an opportunity between OPEC countries and non-OPEC to reach an agreement. "Comments from the UAE energy minister and OPEC is willing to cooperate related production cuts will only affect a little bit," said ANZ bank.