14.01.2015 - Oil traders are waiting for statistics on inventories in the United States
The price of Light Sweet crude oil continues to decline before the publication of data on inventories of crude oil and petroleum products in the US (15:30 GMT). The average volume of US oil inventories exceeds the average in this period of the year. OPEC countries continue to refuse to reduce oil production quotas. The excess of oil arose in connection with the growth of production in the United States, Russia and other countries that are not members of the cartel, so OPEC does not want to lose their market share, which in the long run will lead to the closure of high-cost fields. Oil demand in China rose last year, but the pace of growth in demand in Asia and Europe are falling. We see no reason to change the negative trend until the reduction of excess of oil on the market and recommend holding short positions with the target at $ 40 per barrel.