Both major oil benchmarks for the United States and Old Continent dropped on Friday, erasing most of previous gains due to Saudi’s airstrikes in Yemen on Thursday. Following continuing high supplies in the United States, showed by the EIA, Rising Russian oil output, as well as Saudi Arabia’s, global oil demand lacks the speed of supply, so the bearish grip on oil futures remains and pushes prices downwards. Nevertheless, most of the economies, except for oil producing, see this as positive signal for boosting consumer spending. Although Iraq oil minister expects Brent crude to reach $70 level until the end of this year, most of market participants are sceptical about such hike and believe prices to remain in $50-$60 range.
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