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The cost of oil has decreased, while leaving to the $ 113 per barrel, and reached the one-month low, as the inconclusive results of Italian elections have revived concerns among investors about the instability in the euro zone and weak growth in demand for fuel. Note that the results confirmed the fears that Italian politicians are not able to form a government that would be strong enough to carry out effective reforms that immediately rekindled memories of the financial crisis, which kept the eurozone on the brink of collapse in 2011.
Economists note that the uncertainty in Rome, along with problems in the United States, as well as weak manufacturing data from China, concerns about the global economic outlook, which may ultimately contribute to the growth of oil prices this year.
In addition, investor attention is also focused on the negotiations between the major powers and Iran over Tehran's nuclear program. Note that world powers will have to offer Iran facilitating the restrictive sanctions if the country agrees to halt its nuclear projects. Few believe that the meeting will provide an immediate breakthrough, however, the reduction of tension can affect the price of oil.
In addition, note that the prices could come under even more pressure, as presented data tomorrow may show that crude oil inventories in the U.S. rose again, that will be the sixth increase in a row.
April futures price of U.S. light crude oil WTI (Light Sweet Crude Oil) fell to 92.52 dollars a barrel on the New York Mercantile Exchange.
April futures price for North Sea petroleum mix of mark Brent fell 23 cents and is now $ 113.15 a barrel on the London Stock Exchange ICE Futures Europe.
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