The price of Brent oil fluctuated around 115 US dollars per barrel earlier in the week after disappointing data on employment in the USA. The investors are awaiting a meeting of OPEC, to be held later this week to see whether the group will increase the supply of crude oil. The weaker US dollar and the political upheaval in the Middle East also kept the price of black gold at lower levels.
“Today there is no shortage of supply. OPEC will do its job,” said the CEO of French energy giant Total at a conference in Kuala Lumpur. The price of the Brent crude fell 43 cents to 115.41 dollars per barrel. U.S. crude fell 28 cents to 99.94 dollars per barrel.
“A weak economy means lower oil prices”, said Tony Noonan, risk manager at Tokyo-based Mitsubishi Corp.
The technical charts suggest that oil prices may fall in the short term. Expectations are the price of Brent crude to drop to 112 dollars per barrel and U.S. light of oil to fall to 98.12 dollars per barrel.

The leaders of the eight most industrialized countries have different views on how to ensure recovery of the world economy. The G-8 in Huntsville, Canada the weekend will probably show the direction of meeting the broader group of G-20 meets on Sunday in Toronto, Canada, shortly after the G-8 completed work. Agency notes that expectations for a breakthrough on economic issues the Summit of the G-8 (Group of Eight most industrialized countries) and D-20 (which includes large emerging countries like China and India) in Canada are weak. According to the Wall Street Journal, however, world leaders have converged positions on whether the economic focus should be on growth or on reducing the deficits and debts. “Among the G-8 consensus on a balance between mid-term tightening of fiscal policy and promoting growth, said on Friday a senior official of the administration of the US President Barack Obama. The G-8 and donor groups have promised to make 2015 a total of 7.3 billion dollars to reduce child mortality and maternal in poor countries, transmit dpa, referring to the Canadian Prime Minister Stephen Harper. The eight most developed industrialized countries are committed to allocate $ 5 billion. The rest of the amount promised by countries like New Zealand and Norway, as well as donor groups such as the Foundation of the Bill and Melinda Gates. U.S. President Barack Obama invited 18 African leaders to come to Washington in August to celebrate the 50th anniversary of independence of their countries forward AFP, citing a senior U.S. delegation to the summit of the G-8. Obama will launch in early August a special event to mark the coming of a half century of independence of these former colonies.
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