Trades in the oil market on Friday July 17 were conducted in a positive mood. Oil quotes rose by 2.5% due to the rally in Asian stock markets and the weakening of the dollar against the backdrop of the hopes for an end to the recession in the global economy.
At the New York Stock Exchange NYMEH cost of the August futures for U.S. light crude oil rose by 0.49 dollars and its price, therefore, amounted to 64.05 dollar per barrel.
At the ISE Stock Exchange in London mark Brent oil price rose by 0.63% to 65.79 dollars per barrel.
Causes
Throughout the trading session on the oil market, there was relative calm. Morning losses were easy to play the market on a wave of optimism in the financial markets. Additional positive signals, such as: the assumption of famous economist Norielya Rubin, that the worst for the U.S. economy behind us, only pushed up quotes.
news worth noting that according to the OPEC, the world's proven oil reserves at the end of 2008 amounted to 1,295.08 billion barrels, almost 75 billion barrels higher than the previous assessment (at the end of 2007 ). OPEC countries in these stocks has a 79.3%. The reserves of these countries for the year increased by just 75 billion barrels. Among the individual regions of the world championship has a Middle East - 58.1%. Latin America accounted for 16.3%, Eastern Europe (including FSU) - about 10%, to Africa - 9.4%. The statistics do not take into account the OPEC oil reserves in the so-called oil sands. During the decade covered by the statistics, world oil reserves increased by 307 billion barrels, despite increasing production. The above statistics is a clear refutation of theorists and hasty, says mankind is on the impending oil reserves near depletion of earth's interior.
What to expect?
So far, the contracts for oil supply in December in New York traded at 65.6 dollars per barrel. Prices recovered on the background of expectations of growth in demand, especially from China and other developing countries, but also because of concerns that the mitigation of monetary policy will lead to greater inflation and a weakening dollar. For good growth of quotations on the oil futures market is necessary breakthrough psychologically strong levels of resistance in the region of 68 and 75 dollars per barrel.
What is fear?
Many analysts believe that one of the main factors putting pressure on the market of raw materials, will be high unemployment. He would cause a serious drop in demand for refined products. As a result, the price of crude oil at the end of the year may go below 50 dollars a barrel.
Overview of the oil market for 17.07.09
Dynamics
Trades in the oil market on Friday July 17 were conducted in a positive mood. Oil quotes rose by 2.5% due to the rally in Asian stock markets and the weakening of the dollar against the backdrop of the hopes for an end to the recession in the global economy.
At the New York Stock Exchange NYMEH cost of the August futures for U.S. light crude oil rose by 0.49 dollars and its price, therefore, amounted to 64.05 dollar per barrel.
At the ISE Stock Exchange in London mark Brent oil price rose by 0.63% to 65.79 dollars per barrel.
Causes
Throughout the trading session on the oil market, there was relative calm. Morning losses were easy to play the market on a wave of optimism in the financial markets. Additional positive signals, such as: the assumption of famous economist Norielya Rubin, that the worst for the U.S. economy behind us, only pushed up quotes.
news worth noting that according to the OPEC, the world's proven oil reserves at the end of 2008 amounted to 1,295.08 billion barrels, almost 75 billion barrels higher than the previous assessment (at the end of 2007 ). OPEC countries in these stocks has a 79.3%. The reserves of these countries for the year increased by just 75 billion barrels. Among the individual regions of the world championship has a Middle East - 58.1%. Latin America accounted for 16.3%, Eastern Europe (including FSU) - about 10%, to Africa - 9.4%. The statistics do not take into account the OPEC oil reserves in the so-called oil sands. During the decade covered by the statistics, world oil reserves increased by 307 billion barrels, despite increasing production. The above statistics is a clear refutation of theorists and hasty, says mankind is on the impending oil reserves near depletion of earth's interior.
What to expect?
So far, the contracts for oil supply in December in New York traded at 65.6 dollars per barrel. Prices recovered on the background of expectations of growth in demand, especially from China and other developing countries, but also because of concerns that the mitigation of monetary policy will lead to greater inflation and a weakening dollar. For good growth of quotations on the oil futures market is necessary breakthrough psychologically strong levels of resistance in the region of 68 and 75 dollars per barrel.
What is fear?
Many analysts believe that one of the main factors putting pressure on the market of raw materials, will be high unemployment. He would cause a serious drop in demand for refined products. As a result, the price of crude oil at the end of the year may go below 50 dollars a barrel.
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