Jakarta - Decision of the Organization of the Petroleum Exporting Countries (OPEC) is reducing the production makes the price of crude oil dropped to the lowest level in four years. (January Crude Oil Down to US $ 105.8 per barrel)
Economist of PT Samuel Asset Management, Lana Soelistianingsih, said last night the OPEC meeting in Vienna, Austria, decided to keep the supply of 30 million barrels per day despite slowing global economy. "As a result, the price of crude oil WTI ambles directly to US $ 69.95 a barrel, while Brent of US $ 72.58 per barrel." (ICP December 2013 Reach US $ 107.2 per barrel)
OPEC member countries is the world's largest oil producer with production of 30 million barrels per day since 2012. The decision maintains this supply will continue to apply until the next OPEC meeting on June 15, 2015.
Crude oil prices are already down 34 percent from its highest position at the beginning of the year amounted to US $ 102 per barrel. These commodities continued to weaken since China announced its economic slowdown since the first quarter of 2014. If the global economy does not support the demand for crude oil, the price will continue to decline.
According to Lana, the decline in crude oil prices will encourage a sharp slowdown in the prices of other commodities, especially gold, minerals, and mining. "In contrast, the decline in oil prices make the dollar is getting stronger," said Lana.
In the money market transactions today, the dollar index rose against all world currencies. The rupiah fell to 12,200 per US dollar. A drop in oil prices may also contribute to the Asian stock markets this morning that the compact is in the red zone.
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