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25.10.2012 15:50

Oil is trading at a higher

After five consecutive sessions of falls, oil futures have moved into positive territory, driven by stronger-than-expected economic data from the UK.

Note that in the last days presented a flurry of economic data, some of which were positive, although it is also present and negative indicators. In this regard, market participants said that the sale of almost 7% in the last days is probably exaggerated.

Also, many traders are now awaiting the release of the U.S. GDP, which will be presented tomorrow. Note that a bad result could cause a decline in oil prices, while a surprisingly positive can help oil return back to the trading range of $ 88 - $ 93.

At the same time, today, China has provided an index of purchasing managers in manufacturing, which rose to 49.1 in October, compared with the final reading at the level of 47.9 in September, the highest level since July.

The data is likely to add to the positive sentiment about the prospects for the Chinese economy, but at the same time, the value below 50 indicates contraction in the sector.

Participants also supported the oil market news that the Bank of Japan is considering the possibility of further easing to stimulate economic recovery.

December futures price of U.S. light crude oil WTI (Light Sweet Crude Oil) is 85.34 per barrel on the New York Mercantile Exchange.

December futures price of North Sea Brent crude oil mix is ​​now 108.13 a barrel on the London Stock Exchange ICE Futures Europe.


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