Friday, April 1, 2016

Barrel of oil fell 4%: Brent closed at – Portafolio.co

Oil prices fell 4 percent on Friday after a Saudi prince said the kingdom will join a pact to freeze production only if Iran and other major producers do, while data showed that the global surplus of crude would grow.

The dollar rally driven by employment data in the US better than expected, adding pressure to oil as it made crude in the US currency less attractive for holders of other currencies.

The US employment grew solidly in March and wages surged, a sign of economic resilience that could allow a cautious Federal Reserve gradually raise interest rates this year.

Brent crude fell $ 1.68, or 4.1 percent, to $ 39.09 a barrel. For the week, Brent accumulated a decline of 3 percent, after it ended the first quarter with a rise of 6 percent and March with gains of 15 percent.

The US oil gave up $ 1.55, or 4 percent, to $ 36.79 a barrel. The contract fell 7 percent in the week, after rising 4 percent in the first quarter and 14 percent in March.

The prices barely reacted to data showing that oil and gas platforms in the US fell for the fifteenth successive week, touching its lowest level since at least the 1940s

oil has climbed in the last six weeks after major producers inside and outside OPEC expressed the idea of ​​freezing oil production in January levels.

In an interview with Bloomberg, Mohammed bin Salman, deputy crown prince of Saudi Arabia, said the kingdom would agree to freeze their production levels
oil only if Iran and other large producers do the same .

The main oil producers will meet in Doha on April 17 to discuss the plan. Iran has said it will not contribute any agreement to freeze pumping until oil exports return to levels before international sanctions against it.

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