OPEC crude oil prices reach lowest level

OPEC crude oil prices reach lowest level

Reference weekly crude oil basket price of the Organization of the Petroleum Exporting Countries ( OPEC ) reached its lowest level in 14 weeks, the Vienna-based cartel said Monday .

Weekly basket price for OPEC crude reached 103.10 U.S. dollars per barrel last week , down from 104.68 U.S. dollars per barrel the previous week , reaching the lowest level of the last 14 weeks . It was also a decline in the price of the second week in a row .

OPEC crude oil production target organizations at 30 million barrels a day to make sure the price is relatively comfortable , after a meeting at its headquarters in Vienna in early December , according to Xinhua .


U.S. crude closed above 100 U.S. dollars per barrel on Monday (Tuesday paddy pm ) for the first time this year , as traders awaited testimony by Federal Reserve Chairman Janet Yellen told Congress this week .

New York's main futures contract , light sweet crude or West Texas Intermediate ( WTI ) for delivery in March , settled at 100.06 dollars a barrel, up 18 cents from Friday ( 7/2 ) .

While the European benchmark , Brent North Sea crude for delivery in March , dropped 94 cents to end at U.S. $ 108.63 per barrel in London trade .

The market is ready to hear testimony Yellen , who took the helm of the Fed began February 1 , told Congress this week in a semi - annual explanation of the U.S. central bank about the state of the economy and the direction of monetary policy .

Yellen first hearing will be held on Tuesday in the U.S. House of Representatives ,

with attention to how he sees the weak monthly jobs report two consecutive months were released on Friday , and how it will affect the operation of Fed stimulus withdrawal .

" The weakening of the two reports salary ( payroll ) last may not be sufficient to persuade the Fed to pause its stimulus program reduction ( tapering ) , " said Ian Shepherdson

Macroekonomics pantheon .

WTI price is also getting support from expectations of a large drop in crude stocks at Cushing , Oklahoma , terminal operations in January launched the southern part of the Keystone XL pipeline ,

James Williams of WTRG Economics said .

Pipeline , which carries crude oil from Cushing to refineries on the Texas Gulf Coast has a projected capacity of 700,000 barrels per day .

" Last week we had a significant withdrawal results in Cushing , " he said , adding that " most of the other great anticipation of the withdrawal . "

Brent was under pressure on reports that Libyan crude oil production has increased after the demonstrators to allow the main pipeline in the western Libyan resume normal operations , according to Tim Evans at Citi Futures .

The production is currently estimated at 600,000 barrels per day , still far below capacity due to the ongoing political stalemate in eastern Libya continued to restrict production , Evans noted .