World Oil Price Today

Crude oil prices rose turned positive after Venezuela's oil minister said in a television interview if the country will meet with representatives from Russia, Saudi Arabia and Qatar to discuss efforts to stabilize the oil market.

Oil futures benchmark United States (US), which was trading down 3.4 percent as of yesterday, rebounded on Friday (26/02/2016). US oil futures rose 2.3 percent to US $ 32.88 per barrel. While global oil contracts, Brent rose 2 percent to US $ 35.08 per barrel, launch page Wall Street Journal.

Oil prices rose after Venezuelan Oil Minister Eulogio Del Pino said the four countries had reached an agreement to hold a further meeting in mid-March. This statement creates a reaction to prices underline if there is a high level of betting on the market today. Traders racing to close the market with positive news.

The market was noted has rallied several times before the declaration of the meeting. Where, there is hope that a meeting of countries that will lead to a decrease in global production.
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The price of oil has a very large shrinkage for the long term. US oil futures prices fell 15 percent this year and 38 percent in the last 12 months, amid rising oil oversupply the US and internationally so that manufacturers continue to pump out the crude oil world.

Prices could fall further after the data of energy companies Genscape Inc said inventories at US storage hub in Cushing, Oklahoma increased to more than 67 million barrels earlier this week, approaching the maximum capacity of 73 million barrels.

For if storage reaches maximum capacity, can give effect to the market. Manufacturers certain to cut prices to sell excess stock of oil that can no longer accommodate them. But the market has rebounded after a report if the stock is in good condition.
"It's almost to the point of worst case scenario. Storage at Cushing became a little more terrible than ever before in history," said Division Director futures Mizuho Securities USA Inc. Bob Yawger.

While the data weekly report released Wednesday showed US crude inventories showed nationwide new positions. Markets rally on news that the increase was below the forecast of an industry survey. But analysts warn, it is likely due to traders closing their bearish bets.

Said oil inventories will continue to rise during the spring as the refining operation as a step to prepare the request in the summer.

"In the bigger picture, the same as there is no indication that the oil supply-demand balance is a bit tight in the near term," broker PVM Oil Associates said in a note.