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16.08.2013 15:40

Oil: an overview of the market situation

Prices for crude oil rose WT, due to growing concerns about the market situation in Egypt and the possible disruption of supplies of raw materials in the Middle East. Add that Egypt itself is not a major producer and exporter of oil. However, through the Suez Canal, which is controlled by the State, is of the order of 7% of all oil tanker deliveries. In Egypt maintained a state of emergency. On Wednesday a wave of unrest due to overclocking camps of supporters of the ousted government of President-Islamist Mohammed Morsi. Killed more than 600 people, about four thousand were injured.

In parallel, the market continued to be influenced by expectations of further Fed action in the framework of monetary policy.

With regard to the data presented today, that is to provide the American report, which showed that the number of housing starts in the U.S. rose in July, reflecting the growth in the sector of apartment buildings, which was stronger than the slowdown in the sector of single-family homes.

According to the report, the number of housing starts rose in July by 5.9% to 896.000 on an annualized basis, compared with 846,000 in June. According to the forecasts of economists number of housing starts should have been 905.000. Growth in the construction of apartment buildings was 26%, a decline of single-family construction - 2.2%.

The builders are limited in the proposal due to the lack of materials and sites, as they are trying to increase prices and profits in the industry. Further growth in employment will be required to support sustainable demand.

In addition, it was reported that the number of building permits in July rose to 943,000 year on year, also due to significant growth in the sector of apartment buildings. Expected to rise to 945,000, after the earlier figure was 918,000.

The cost of the September futures on U.S. light crude oil WTI (Light Sweet Crude Oil) rose to $ 107.98 a barrel on the New York Mercantile Exchange.

September futures price for North Sea Brent crude oil mixture fell to $ 110.17 a barrel on the London exchange ICE Futures Europe.

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