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World oil prices

Brent oil trades below $65 for first time since March 16

Against this background, the dollar rose by 0.39% against the ruble

MOSCOW, November 14. /TASS/. ICE January 2019 futures for Brent Crude, the European benchmark, were trading below $65 per barrel for the first time since March 16, according to the London-based stock exchange data.

The trading began at $69 per barrel and the price lost 7.30% throughout the day, eventually sliding to $64.98.

Against this background, the dollar rose by 0.39% against the ruble, to 68.11 rubles at the Moscow exchange as of 23:49 Moscow time. The euro rose by 0.91% to 76.9 rubles.

OPEC revised downward the forecast on oil production growth in 2018 by 40,000 barrels per day to 1.5 mln barrels per day and by 70,000 barrels to 1.29 mln barrels a day in 2019. Global demand is expected to be at the level of 98.79 mln barrels per day in 2018. The demand is expected to decline in the Middle East and China.

The forecast on growing offer from non-OPEC countries for 2018 was increased against the previous estimate by 90,000 barrels to 2.31 mln barrels per day and by 120,000 barrels to 2.23 mln barrels per day in 2019. The United States, Brazil, Canada and the United Kingdom will remain the key growth drivers, while production will continue declining in Mexico, Norway, and other countries. Hence, oil offer from non-OPEC countries is expected to be at the level of 59.86 mln barrels per day in 2018 and 62.09 mln barrels per day in 2019.

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