Dynamics Quotes of the oil market on Friday 29 January to results of the auctions closed with a decrease in value against the background of strengthening U.S. dollar on the foreign exchange market, FOREX, and also because of the negative dynamics of equity markets and adjacent areas.
At the New York Stock Exchange NYMEH the March futures price of U.S. crude fell by 0.75, or 1.0%, and its price was 72.89 dollars per barrel.
The exchange ICE in London, Brent crude futures price fell 0.67, or 0.1%, to 71.46 dollars per barrel.
Causes On Friday, Jan. 29 quotes on the market of “black gold” closed with a decrease in price under the following factors: 1 - strengthening of the dollar in the FOREX market against the backdrop of economic output makrostatistiki and news (GDP growth in the U.S. for 4 — First quarter was 5.7% while the forecast 4.6%), 2 - negative dynamics of the stock sites, where the major U.S. stock indices closed in the red zone (Dow Jones industrial average - 10067.33 (-53.13, or -0.52%), Nasdaq Composite - 2147.35 (-31.65 or -1.45%), SP 500 - 1073.87 (-10.66, or -0.98%)), 3 - reduction in adjacent markets, namely the drop in market prices of precious metals, 4 - on the eve of holidays, many investors chose to lock in profits some open positions that negatively impact on the oil quotations.
What to expect? Many analysts point to the fact that oil prices are still within the trading range of 70-80 dollars per barrel and may have potential for further growth. The close relationship between oil prices and U.S. dollar is expected to continue to set the tone for trading on the oil market.
Why worry? The main negative factors in the oil market are U.S. dollar and the technical picture, namely, the psychological and technical level of $ 80 per barrel, which does not allow to pass higher oil prices, thereby encouraging market participants to lock in profits on the open long positions.
Overview of the oil market for 29.01.10
Dynamics
Quotes of the oil market on Friday 29 January to results of the auctions closed with a decrease in value against the background of strengthening U.S. dollar on the foreign exchange market, FOREX, and also because of the negative dynamics of equity markets and adjacent areas.
At the New York Stock Exchange NYMEH the March futures price of U.S. crude fell by 0.75, or 1.0%, and its price was 72.89 dollars per barrel.
The exchange ICE in London, Brent crude futures price fell 0.67, or 0.1%, to 71.46 dollars per barrel.
Causes
On Friday, Jan. 29 quotes on the market of “black gold” closed with a decrease in price under the following factors: 1 - strengthening of the dollar in the FOREX market against the backdrop of economic output makrostatistiki and news (GDP growth in the U.S. for 4 — First quarter was 5.7% while the forecast 4.6%), 2 - negative dynamics of the stock sites, where the major U.S. stock indices closed in the red zone (Dow Jones industrial average - 10067.33 (-53.13, or -0.52%), Nasdaq Composite - 2147.35 (-31.65 or -1.45%), SP 500 - 1073.87 (-10.66, or -0.98%)), 3 - reduction in adjacent markets, namely the drop in market prices of precious metals, 4 - on the eve of holidays, many investors chose to lock in profits some open positions that negatively impact on the oil quotations.
What to expect?
Many analysts point to the fact that oil prices are still within the trading range of 70-80 dollars per barrel and may have potential for further growth. The close relationship between oil prices and U.S. dollar is expected to continue to set the tone for trading on the oil market.
Why worry?
The main negative factors in the oil market are U.S. dollar and the technical picture, namely, the psychological and technical level of $ 80 per barrel, which does not allow to pass higher oil prices, thereby encouraging market participants to lock in profits on the open long positions.
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