The oil economy illustrated. Discover in pictures some key points of the oil economy in 2016. Impressive figures and charts related to the oil trade as well as its necessity in our modern economies. Oil on the rise in Asia. Oil prices were on the rise on Tuesday in Asia, thanks to encouraging statements on the decline in production and a decline in the dollar.Vers 06H00 GMT, the barrel of light sweet crude (WTI WTI The West Texas Intermediate (WTI), also known as Texas Light Sweet, is a variation of crude oil serving as a standard
in setting crude prices and as a commodity for oil futures with Nymex (New York Mercantile Exchange), the stock exchange. specializing in energy.), US crude reference, for delivery in February, earned 40 cents to 63.97 dollars in electronic trading in Asia. Brent crude, a European benchmark for March delivery, rose 37 cents to 69.40 dollars. According to analysts, investors are particularly cautious this week the figures of US crude reserves that could confirm the rise in consumption in the United States. The private federation American Petroleum Institute (API) will publish its data Tuesday, one day before the official figures of the US government. Avtar Sandu, from Phillip Futures in Singapore, said the quotes were also backed by statements from Saudi Arabia, the world’s largest oil exporter, who on Sunday called for a long-term “framework for cooperation”. between OPEC and non-cartel countries to support crude prices. Speaking to the press before an OPEC / non-OPEC ministerial meeting in Muscat, Saudi Energy Minister Khaled Al Faleh said: “We must not limit our efforts (to production quotas) in 2018. We need to talk about ‘a framework for our long-term cooperation’. Greg McKenna, of AxiTrader, also highlighted the impact of the greenback’s decline. Any decline in the US dollar makes oil, denominated in dollars, more attractive for investors using other currencies, which automatically drives up demand.