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02.08.2013 15:41

Oil: an overview of the market situation

The price of oil has dropped considerably today, after reaching a four-month high, which was associated with the publication of employment data that were below expectations.

According to a report released by the Ministry of Labor, employment in non c / U.S. agricultural sector increased in July, less than economists expected, although the unemployment rate fell to its lowest level in more than four years.

The Labor Department said that in the non-agricultural sector employment increased by 162,000 jobs in July after a downwardly revised increase of 188,000 jobs in June.

Economists had expected employment to increase by about 180,000 jobs compared to the addition of 195,000 jobs, which was originally reported in the previous month.

Number of budget jobs in the U.S. in July increased by 1 thousand, and federal declined by 2 million The number of jobs in the manufacturing sector in July rose by 6 thousand in services increased by 158 thousand number of jobs in the private sector grew in July by 161 thousand

Despite the weaker-than-expected job growth, the unemployment rate fell to 7.4 percent in July from 7.6 percent in June. The unemployment rate is expected to drop to 7.5 percent.

In addition, we add that to the dynamics of trade affected by information that in July oil production in the Organization of Petroleum Exporting Countries fell against the background of new challenges with the production in Iraq and Libya.

According to studies, the average crude oil production of OPEC in July amounted to 30.335 million barrels a day, down 201,000 barrels per day less than the revised production level of 30.536 million barrels a day in June.

In addition, it was reported that production in Iraq dropped by 220,000 barrels per day after a prolonged disruption of the oil pipeline in Kirkuk. Protests employees oil terminals in Libya has led to the fact that in the past month, production was reduced by an average of 50,000 barrels per day. However, the oil minister of Libya Abdelbari al-Arussi on Wednesday said that in the last days of Libyan oil exports fell by 70% due to increased violence.

In JBC Energy GmbH point out that the problems with the supply of oil from Libya are likely to continue. According to the agency's analysts, oil production in Nigeria in July remained at a low level, by about 600,000 barrels a day of oil production capacity available below. This is due to sabotage and theft of oil.

Iran, the student news agency ISNA quoted earlier Rouhani said:. "Zionist regime wound that was sitting on the body of the Muslim world for many years and must be removed"

The cost of the September futures on U.S. light crude oil WTI (Light Sweet Crude Oil) fell to 106.84 dollars a barrel on the New York Mercantile Exchange.

September futures price for North Sea Brent crude oil mixture fell to $ 108.87 a barrel on the London exchange ICE Futures Europe.

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