«Brent below $ 111, despite lower production

Technical analysis for crude oil -14 June 2013

Futures prices fell the international benchmark for crude Brent level of $ 111 a barrel yesterday, light sweet crude futures fell $ 1.12 to 91.80 dollars per barrel.

Said a research note prepared by Commerzbank that the high price of the dollar and speculation about U.S. bonds constitute pressure on oil prices.

The decline came despite a drop in production Organization of Petroleum Exporting Countries OPEC. The survey showed that the average crude oil production of the Organization amounted to 30.62 million barrels per day in December, down from 30.71 million bpd in November, the lowest level since.

OPEC production and at least now by 1.13 million barrels per day from the peak level recorded in April 2012 when it reached 31.75 million barrels per day.