08/12/2021 11:44
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Oil: The barrel back over $ 135  
Oil prices have rebounded to more than 135 dollars a barrel Monday after the marked decline caused by the prospect of an increase in Saudi production. A IOh45 GMT, the July contract on the U.S. light crude gained 64 cents, or 0.47% to 135.50 dollars per barrel and Brent took 29 cents (0 21%) to 135.40 dollars. The barrel of light crude was dropped below $ 134 earlier today in Asia after the announcement (the 'a decision by Saudi Arabia leading world exporter, further increase its production in July to bring it to 9.7 million barrels per day (bpd).
  Such a level would represent an increase of 550,000 bpd, or 6%, compared to May and would Saudi pumping at their highest level in monthly pace since August 1981, according to official U.S. statistics. For some analysts, other member countries of OPEC could follow the lead of Saudi Arabia. I believe that opep add more barrels the week sufficiently important that the world take note, "said Rob Laughlin, analyst broker MF Global.
But some of the speakers doubted the effectiveness of the Saudi decision.
"They need courses ¬ sent down enough to encourage the accumulation of stocks," said David Kirsch of PFC Energy in Washington.
The market also expected to hear the conclusions of the meeting between producing and consuming countries next Sunday in Jeddah and its effectiveness facing a soaring prices which owes much to the increased demand for long-term and speculative investments. Saudi Arabia is the only member country of OPEC, the Organization of the Petroleum Exporting Countries, have capabilities enabling it to increase its production significantly invention: it could produce two million bpd over qu'aujourd 'hui. 
 
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