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Crude oil futures rose for the first time in three days, which was caused by the situation in Syria, the growth of tension in the Middle East and the data on the production index in China.
Futures rose 0.9% after Israel warned that a military strike by other countries against Syrian chemical weapons can tighten Israel into a regional war. Recall that the price of oil rose to a record $ 41.15 a barrel in October 1990 after Iraq's invasion of Kuwait, which led to a reduction in exports from both countries. Futures and then decreased by one third after the U.S. military forces began air attacks on Iraq.
Preliminary data on the production index of China showed that the index rose to its highest value since February this year, but still shows signs of contraction. Yesterday the price of oil has fallen by 4% amid concerns about the debt crisis in Europe.
According to the survey, it is expected that U.S. crude stocks will fall, which will be the fifth consecutive decline and the largest this year. These forecasts are based on the fact that refineries have reduced purchases until the autumn.
According to the median estimate, the reserves will be reduced by 750,000 barrels to 376.6 million level in seven days to 20.
The price of oil fell slightly today after ratings agency Moody 's lowered forecasts for credit ratings in Germany, the Netherlands and Luxembourg, referring to the growth of uncertainty in Europe.
The cost of the September futures on U.S. light crude oil WTI (Light Sweet Crude Oil) on the NYMEX is now at $ 88.5 per barrel.
September futures price for North Sea Brent crude oil mixture increased to $ 103.26 a barrel on the ICE Futures Europe Exchange.
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