Quotes of the oil market on the basis of trading on Friday, October 9 closed almost unchanged in price against the background of strengthening U.S. dollar on the currency marketFOREX, despite the positive dynamics of the stock pads.
At the New York Stock Exchange NYMEH cost of the November futures for U.S. light crude rose by 0.08, and its price, therefore, amounted to 71.77 dollar per barrel.
The exchange ICE in London, Brent crude futures price rose 0.23 to 70.00 dollars per barrel.
Causes
On Friday, Oct. 9 quotes in the market of black gold on the results of the auctions have closed almost unchanged in price against the background of strengthening the dollar in the FOREX market after data that showed a smaller-than-expected amount of U.S. trade deficit In August, as well as in connection with the sounded Thursday night commentary Federal Reserve Chairman Ben Beranke the U.S., despite the positive dynamics of the stock sites, where the growth of stock price has supported oil futures. Not provided adequate support published on Friday last forecast of the International Energy Agency, where the forecast for oil demand was revised upwards.
What to expect?
With regard to projections for 2010, the International Energy Agency revised the forecast for oil demand upward by 350 000 barrels to 86.1 million barrels per day against a background of confidence in the economic recovery.
Why worry?
negative factor in the oil market is the technical picture, namely that, according to some analysts, while oil futures are not strikes current trading range of 65-75 dollars per barrel, namely the upper limit of the range, oil prices will difficult to achieve significant positive results.
Overview of the oil market for 09.10.09
Dynamics
Quotes of the oil market on the basis of trading on Friday, October 9 closed almost unchanged in price against the background of strengthening U.S. dollar on the currency marketFOREX, despite the positive dynamics of the stock pads.
At the New York Stock Exchange NYMEH cost of the November futures for U.S. light crude rose by 0.08, and its price, therefore, amounted to 71.77 dollar per barrel.
The exchange ICE in London, Brent crude futures price rose 0.23 to 70.00 dollars per barrel.
Causes
On Friday, Oct. 9 quotes in the market of black gold on the results of the auctions have closed almost unchanged in price against the background of strengthening the dollar in the FOREX market after data that showed a smaller-than-expected amount of U.S. trade deficit In August, as well as in connection with the sounded Thursday night commentary Federal Reserve Chairman Ben Beranke the U.S., despite the positive dynamics of the stock sites, where the growth of stock price has supported oil futures. Not provided adequate support published on Friday last forecast of the International Energy Agency, where the forecast for oil demand was revised upwards.
What to expect?
With regard to projections for 2010, the International Energy Agency revised the forecast for oil demand upward by 350 000 barrels to 86.1 million barrels per day against a background of confidence in the economic recovery.
Why worry?
negative factor in the oil market is the technical picture, namely that, according to some analysts, while oil futures are not strikes current trading range of 65-75 dollars per barrel, namely the upper limit of the range, oil prices will difficult to achieve significant positive results.
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