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23.08.2012 15:50

The cost of oil is growing against the possible incentive

Expectations of further stimulus from the Federal Reserve and the Central Bank of China, caused a rise in oil prices and other risky assets, which manifested itself in the second half of the day.

At the beginning of the session, data showed China's manufacturing sector in August showed the fastest rates of decline over the last nine months. The manufacturing purchasing managers' index fell in August to a level 47.8 from 49.3 in July, largely due to lower production orders. Against this background, there was a possibility that the Chinese government may soon resort to stimulate economic growth.

At the same time, the reports submitted by the Fed showed the next phase of quantitative easing could begin quite soon, unless there is a significant improvement in the U.S. economy. However, members of the FOMC did not specify what incentives they are willing to use to help recovery. It has been speculated that the Fed could launch the third round of quantitative easing - known as QE3 - at the next meeting to be held in mid-September. However, the president of the Federal Reserve Bank of St. Louis, James Bullard said today that the Fed's minutes a bit "out of date".

Recall that in the next week the Federal Reserve will hold a symposium in Jackson Hole, where Federal Reserve Chairman Ben Bernanke may give a clue as to the new round of QE.

October futures price of U.S. light crude oil WTI (Light Sweet Crude Oil) on the NYMEX is now $ 97.69 per barrel.

October futures price of North Sea Brent crude oil mix is ​​now $ 116.09 a barrel on the ICE Futures Europe Exchange.

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