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19.07.2013 15:34

Oil: an overview of the market situation

Prices for WTI crude oil rose to its highest level in 16 months, while the Brent price fell slightly, which was associated with the decision of the People's Bank of China deregulate interest rates and allow banks themselves set the rates on loans. As part of measures to normalize the flow of capital and the maintenance of slowing economic growth, China has adopted a decision on the liberalization of interest rates, and as an important first step declared his intention to remove the lower bound on the official rates of bank lending. The People's Bank also announced on its website that it will terminate the control of interest rates on discount bills. However, he will continue to monitor the deposit rate.

We also add that the impact on the bidding had a decision of the international rating agency Moody's changed the outlook on the U.S. sovereign credit rating from "negative" to "stable." We also add that he affirmed at AAA. The negative outlook on the rating of U.S. debt was assigned in August 2011.

The agency's analysts point out that the main factor for improving rating outlook became the administration's efforts of the United States to combat the budget deficit, experts also Moody's took into account the growth of the U.S. economy, which is ahead of other states, whose bonds were assigned the highest rating.

Special attention Moody's have been awarded the U.S. dollar as the main global reserve currency and debt obligations of the Federal Treasury, which remains one of the safest ways to invest money investors worldwide.

The main vulnerability to a "stable" outlook on U.S. debt to Moody's called the likely slowdown in GDP growth and a possible increase in social spending government in connection with health care reform.

We also add that WTI oil futures rise in price due to lower foreign exchange value of the U.S. dollar. On the eve of the dollar index peaked three days, surpassing the mark of 82.8 points, and today the indicator slipped below 82.6 points, providing a technically attractive terms for purchases of crude oil and other commodity asset prices are set in U.S. currency.

The cost of the August futures on U.S. light crude oil WTI (Light Sweet Crude Oil) rose to 108.29 dollars a barrel on the New York Mercantile Exchange.

August futures price for North Sea Brent crude oil mixture fell to $ 108.38 a barrel on the London exchange ICE Futures Europe.

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