FX & CFD trading involves significant risk
The price of oil rose today, reaching a high of $ 110, which is a three-month high, but failed to hold its positions and dropped to $ 109.
Note that this dynamics was related to concerns about the decline in U.S. oil inventories, as well as concern that unrest in Egypt could disrupt supplies. Increases in the prices of oil helps violation in Libya, which was hit hard by the protests, and oil theft in Nigeria.
Investors are watching with great interest the developments in Egypt, where seven people were killed and over 260 injured when supporters of Mohammed Mursi faced with opponents of the ousted president and the security forces.
Not unimportant event, who look forward to many market participants, will become tomorrow's speech by Federal Reserve Chairman Ben Bernanke. There is a perception that the U.S. central bank cut its purchases of bonds this year and give up the program by mid-2014.
Analysts also say that the strength of oil prices partly caused by European data.
As shown by the Centre for European Economic Research, German economic sentiment unexpectedly worsened in July.
ZEW indicator of economic sentiment fell by 2.2 points to 36.3 points, while economists had forecast that it will grow to 39.9. However, it remains above the average of 23.7. Meanwhile, the assessment of current economic conditions rose to 10.6 in July from 8.6 last month, and exceeded the expected level 9.
According to the study ZEW, in July in the euro zone economic sentiment improved to 32.8 from 30.6 the previous value. Markets had expected a more modest increase to 31.8. Indicator for the current economic situation has also improved and now stands at 74.7 points.
The cost of the August futures on U.S. light crude oil WTI (Light Sweet Crude Oil) fell to 106.19 dollars a barrel on the New York Mercantile Exchange.
August futures price for North Sea Brent crude oil mixture rose to $ 109.11 a barrel on the London exchange ICE Futures Europe.
All posted material is a marketing communication solely for informational purposes and reliance on this may lead to loss. Past performance is not a reliable indicator of future results. Please read our full disclaimer.