On Sunday Oman’s minister of oil and gas Dr Mohammed bin Hamad Al Rumhy said he is confident of a recovery in crude oil prices, after a meeting of OPEC and non-OPEC members scheduled to take place in Doha,
Qatar, to decide on freezing output.
According
to minister, oil prices might recover by 25 per cent by the end of the year,
from the current level of around $35 per barrel for Oman Crude. He is hoping for oil to reach
$42-45 in the near term.
World
oil prices recovered further this week, extending a recent fightback thanks to
a falling US dollar and agreement by producers to meet next month to discuss a
global supply glut.
Baker Hughes said Friday that the number of rigs drilling for oil in the U.S.
increased by one last week to 387, ending three straight months of
weekly declines.
GOLD
The
German central bank
accelerated the withdrawal of Germany's gold reserves from overseas
repositories, president of the Bundesbank Jens Weidmann said Sunday.
According
to Weidmann, the bank is working on a new concept of the gold storage adopted
by Germany in 2013, according to which at least half of the total gold reserves
of the country should be transferred to Frankfurt until 2020.
Weidmann
said that 366 tons of gold at a total value of approximately 11.5 billion euros
have been delivered to Frankfurt so far. According to him, the rest of the gold
will be stored in New York and London.
Gold
is an additional reserve currency for Germany. According to the Bundesbank, the
German gold reserve amounts to approximately 3,400 tons and is the second
largest in the world after that of the United States.
A
well-known analyst said recently that
"There
are suggestions Germany wants its gold because it's worried its loans to less
fiscally responsible sovereigns won't be repaid. But many others believe
Germany is preparing in case the euro were to eventually
dissolve,
so it wants its gold to potentially back a new Deutsche Mark. Perhaps they,
too, recognize gold's return to its role as money."
The
gold reserve is to a certain extent a financial regulator for Europe as a whole
and ensures Germany a leading role among European countries.
Central
banks of foreign countries resumed the withdrawal of their gold reserves from
the US Federal Reserve, according to the last report by the last Fed reserve.
A
massive repatriation of gold began back in the beginning of 2014. During the
period, a total of 250 tons of physical gold have been withdrawn from the
Federal Reserve. The gold reserves in the depository dropped
to
5,950 tons, a record low for the last 20 years. Last time, a similar situation
occurred ahead of the 2008 financial crisis, and foreign central banks withdrew
nearly 400 tons of gold. Taking into account that the current
withdrawal
has lasted since 2014 and this year has been seeing a new crisis, history is
repeating itself.
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