Barrel price of oil on world markets rose to over 64 US dollars

SARAJEVO, (Patria) -Oil prices on international markets rose above 64 US dollars (USD) on Thursday, after the Organization of the Petroleum Exporting Countries (OPEC) forecast a deficit in the market next year, and the US central bank Fed assessed that the economic outlook is favorable.

The price of a barrel of oil on the London market rose by 45 cents compared to the previous closing and amounted to 64.17 USD. On the American market, a barrel was traded at a price 30 cents higher, at 59.06 USD.

According to world media reports, the International Energy Agency (IEA) claims that oil prices are under pressure and predicts a sharp increase in global inventories at the beginning of next year, despite the agreement between OPEC and its allies on a significant restriction of supply and the expected decline in production in the US and other independent producers.

Markets focused on OPEC, which, according to new information, expects a modest deficit in the oil market next year, suggesting that the gap between supply and demand is smaller than previously thought. OPEC and its partners, including Russia, agreed last week to reduce production by an additional 500,000 barrels per day in the first quarter of next year, to a total of 1.7 million barrels per day.

The Fed also influenced the behavior of the price of "black gold" by keeping the interest rate at its current level.

OPEC, on its official pages, announced that the price of a barrel of the reference basket of oil of its members on Wednesday was 65.38 USD, which means it fell by 28 cents compared to the previous trading day.