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22.04.2013 15:40

Oil: an overview of the market situation

Oil prices rose, which was associated with the publication of U.S. data on home sales in the secondary market. According to a report from the National Association of Realtors, purchases in the secondary market fell last month by 0.6% to 4.92 million for the year. The median forecast of economists projected sales would increase to 5.00 million Estimates ranged from 4.9 million to 5.2 million homes on the market prices rose, reflecting the growing demand for more expensive homes. The pace of previous months have been revised to 4.95 million from a previously reported 4.98 million

Purchase in the secondary market is gradually raised from 13-year low of 4.11, which was achieved in 2008. The largest volume reached 7.08 in 2005. The average price of homes sold in the secondary market increased by 11.8 percent, the highest since November 2005, to $ 184,300 last month from $ 164,800 in March 2012.

Meanwhile, today, the UAE Minister of Energy Mohammed Suhail Al Mazrui told reporters that the Organization of Petroleum Exporting Countries plans to hold a ministerial meeting on the 31 May. In addition, he is in his speech, he added that the market is balanced and there is no oversupply in the market. At the same time, the CEO of Qatar Petroleum Marketing Saad al-Kuwari said that oil will trade at $ 100 per barrel in the third quarter after the second quarter will mark the correction of excess supply and falling stock markets.

May futures on U.S. light crude oil WTI (Light Sweet Crude Oil) rose to 88.20 dollars per barrel, the lowest intraday level since Dec. 19.

May futures price for North Sea Brent crude oil mixture rose $ 0.64 to $ 100.07 a barrel on the London exchange ICE Futures Europe.

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