Oil prices trimmed gains during the trading day Monday in the US after being abruptly fired tonight, huge fires in rural Canada continue to hurt the large coliseums oil reserves of the nation.
Oil production from the coliseums have decreased by at least 645,000 barrels per day, according to public statements, although the true figure may be closer to a million barrels a day, about half of all the Production in Canada 2.5% million barrels per day.
Meanwhile, the market absorbed the appointment of Khalid al-Falih as the new oil minister of Saudi Arabia. The president of Saudi Aramco, the oil company owned, replaced veteran Ali al-Naimi, who was 20 at the load.
It is unlikely that this change results in a change in the policy of Saudi Arabia in terms of oil. Falih said Sunday that the president of the world's oil exporter is determined to meet demand and maintain steady oil policies.
Oil of New York Trade Trade for June delivery traded at $ 44.70 a barrel at 8:40, time on the East Coast (2:40 p.m. in Spain), rising 0.09%, or 4 cents climbed from 2.1% to intraday highs at $ 45.94 recorder.
Nymex oil rose during the day on Friday, 0.77% or 34 cents. Despite the advance of Friday, oil prices closed the week lower as regards most of the booking glut worldwide persist. Oil futures traded in New York last week plunged 2.74%, breaking the series of four consecutive weeks in advance.
Nymex prices rebounded still down about 55% from 11 February to stand at $ 26.05, minimum 13 years that the decline in the production of shale oil has boosted confidence. The main specialist supplier of oil pastry Hughes said Friday that the total of US oil drillers fell 4 last week to complete 328 new minimum of six years. In the same period last year, the number of deposits stood at 668.
However, analysts warned that market conditions remain weak due to the overabundance of reserves in the nation. Oil supply from the United States rose last week by 2.8 million barrels, up high enrollment center to 543.4 million barrels, according to the Energy Information Administration.
In addition, prospects ICE Futures Trade London, Brent crude for July delivery traded at USD 46.48 a barrel, high session and reversing some of the gains to stand at $ 45.24, with a drop 0.29% or 13 cents.
The price of Brent traded in London ended the week with losses of 5.73% or $ 2.00, its first weekly loss in five weeks.
Brent futures have rallied around a 60% since briefly stand on less than US $ 30 a barrel in mid-February, despite talks over a possible supply disruption that took place in April at the summit Doha with the intention of obtaining a freeze on production by producing members and non-members of OPEC. OPEC meets in Vienna on June 2 and may again discussed the freezing of the initiative.
Meanwhile, the spread between the Brent and crude contracts WTI was 54 cents per barrel, against 71 cents recorded at Friday's close.
In view of the early week, oil dealers will be watching data on US reserves which were published on Tuesday and Wednesday to meet new clues on supply and demand.
Market participants will also be watching the monthly reports from the International Energy Agency and OPEC to assess the global glut of reserves and demand levels.
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