Record levels of US oil stocks put pressure on Alosarmojadda

The International Energy Agency announced today , that oil prices reached apparently minimized her, pointing to the improvement somewhat in recent weeks, but prices are still Mtdnah.utabat Agency in its monthly report that the consultations between the oil-producing countries , which will be held between the members of OPEC and outside In order to freeze production levels « it is a first attempt to carry out coordinated action » in the hope of raising the price of a barrel of oil to $ 50 , compared with the current price of $ 40 .
Oil prices squandered early gains with a rise in US crude inventories . Wave decline taking place in the market in 20 months is nearing completion .
The decline in the global price of London Brent crude futures to $ 36.67 a barrel , while US crude futures rose to $ 34.60 a barrel. However, US crude higher by more than a third since February 11 when prices came down to levels not seen since 2003, when just over 26 dollars a barrel. OPEC announced that the price of its basket rose to $ 31.65 a barrel. US crude inventories rose by 10.4 million barrels to a new record high of 517.98 million barrels last week. The inventory rise as a result of a surplus in global production of between one million and two million barrels of crude per day above demand, which resulted in prices falling 70% since mid-2014. The top producers reached an agreement under the leadership of Russia and Saudi Arabia to freeze production at January levels, but that the agreement in Doha did not succeed in reducing the glut. Data from the Russian Energy Ministry showed that Russian oil production rate in February was similar to the rate in January at 10.88 million bpd, the highest level of production since about 30 years. Saudi Arabia production and also exceeds ten million barrels a day.