Oil works with light profit; Brent remains at $ 76



LONDON Oil prices They work with light gains on the first day of the week, where Brent's barrel, from reference in Europe, cites about $ 76, while the Western Texas, US reference is about $ 69.

Operations were limited due to local holidays in the UK.

The barrel of oil type Brent from the North Sea for deliveries in October, it attracts 0.34 percent to $ 76.36 on the Intercontinental Petroleum Exchange (ICE) market in London.

Meanwhile, the American rough West Texas Intermediate (WTI) for deliveries in October, it increases by 0.28 percent to $ 68.92 per barrel traded on the New York Mercantile Exchange.

Oil in the United States remained above $ 68 a barrel, supported by the decline in the number of active wells in the United States and the fall in inventories in the United States this week.

Working oil platforms in the United States have fallen most since May 2016 last week, according to Baker Hughes data released on Friday.

Similarly, there was optimism in the market that was generated by an advance in a commercial confrontation between the United States and the fall of the dollar worldwide.

The United States and Mexico are ready to resolve their bilateral differences of opinion on the North American Free Trade Agreement as soon as possible after the Monday following progress in areas such as cars and energy.

The fall of the dollar against a basket of ten currencies decreases by 1.16 percent, which improves the appetite for oil.

The operators were also alert to a teleconference supervision ministryl from the Joint Technical Committee of the Petroleum Exporting Countries Organization and other producers that will celebrate this Monday to discuss progress in their pumping reduction pact.

The committee consists of Saudi Arabia, Russia, the United Arab Emirates, Kuwait, Algeria, Venezuela and Oman.

The OPEC and a group of producers led by Russia agreed in June to return to 100 percent conformity in the cutbacks that started in January 2017. Compliance in July was 126 percent according to Reuters' calculations.

UBS analyst Giovanni Staunovo, quoted by Reuters, expects a statement from the committee stating that "the group appreciates the reduction of surplus compliance, but reiterates the importance of avoiding an oil market with oversupply."

The market is expected to adjust as the US sanctions against oil exports from OPEC member Iran enter into force in November. Tehran has exported 2.5 million barrels per day (BPD) this year and many analysts believe that this figure will be reduced by at least 1 million barrels of oil per day.

With information from Reuters, Notimex and Bloomberg.


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