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Oil prices rose slightly during the day on the background of the fact that Italy's borrowing costs fell and on optimism that the European Central Bank may soon launch a program to buy bonds.
However, despite this positive trend in the beginning, the price of oil continued its decline yesterday on expectations that oil production will recover quickly from a tropical storm in the Gulf of Mexico Isaac. Also on such dynamics affect the published data on the number of initial claims for unemployment insurance, which did not change from the revised previous week and totaled 374,000. Prices fell by 0.9%, after it became known that the weather conditions in the Gulf of Mexico have improved, and oil platforms again soon to continue his work on oil. Recall that the storm brought Isaac to stop 95% of the units for oil and 72% natural gas. Given these data, the cost of oil has fallen below the minimum values of yesterday.
October futures price of U.S. light crude oil WTI (Light Sweet Crude Oil) on the NYMEX is now $ 94.39 per barrel.
October futures price of North Sea Brent crude oil mix is now $ 112.60 a barrel on the ICE Futures Europe Exchange.
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