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05.06.2013 15:40

Oil: a review of the market situation

Oil prices rose, closer to $ 104 per barrel, after data showed that U.S. crude stocks fell sharply, signaling the increasing demand in the United States.

Weekly data from the U.S. Energy Information Administration showed that oil stocks last week fell more than 6 million barrels, compared with forecasts at 400,000 barrels decline. Oil also found support from the weekly data from the American Petroleum Institute, which showed a drop in crude oil inventories of 7.8 million barrels.

Meanwhile, it was reported that oil supplies from OPEC countries fell to 700,000 barrels a day last month, accounting for about a third of Iran's exports to the current round of sanctions designed to pressure Tehran over its commitment to the use of nuclear weapons.

Add that earlier today, the price of Brent crude oil rose after South Korea improved incentives for imports, boosting demand prospects. The move by the fifth-largest oil importer in the world aimed at reducing its dependence on suppliers in the Middle East, and to make imports of crude oil from other regions more attractive, which is expected to increase the demand for raw materials.

Investors will also watch the movements of the dollar, which reached session lows against the euro and yen after a report showed that in May, was created fewer jobs in the private sector than expected.

The cost of the July futures on U.S. light crude oil WTI (Light Sweet Crude Oil) rose to 94.22 dollars a barrel on the New York Mercantile Exchange.

July futures price for North Sea Brent crude oil mixture rose $ 0.48 to $ 103.92 a barrel on the London exchange ICE Futures Europe.

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