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27.09.2013 15:40

Oil: an overview of the market situation

The cost of oil futures rose moderately , which was due to the weakening of the dollar, and the yield of U.S. data . In addition, we note that further price increases hampered by the fact that today the five permanent members of the UN Security Council agreed on a resolution on the elimination of chemical weapons in Syria.

The document does not contain an automatic threat of a military strike ( Moscow insisted on this ), which significantly reduces the risk of large-scale military conflict in the Middle East.

The UN Security Council plans to vote on the draft resolution on the Syrian chemical weapons on Friday at 20:00 New York time , according to Mission of France to the United Nations.

Voting is planned at the level of foreign ministers after the relevant conclusions of the Organization for the Prohibition of Chemical Weapons ( OPCW). Earlier it was reported in the draft conclusion of the OPCW on Syria , in particular, states that its inspectors can start work in Syria on October 1.

As for the U.S. data , they showed that personal spending , which measure how much Americans spent on goods and services , ranging from automobiles to medical care, rose in August by 0.3 % compared to the previous month. The August result followed upwardly revised growth of 0.2% in July. Personal income , including wages, investment income and government assistance have risen by 0.4 %. Economists had expected personal income to grow by 0.5 % , while personal spending to increase by 0.3 %.

The report said that the slow progress in the labor market and the economy as a whole led to a small increase in wages, which allows Americans to spend more money and to lift the economy in general. Households stepped up spending on durable goods such as cars and refrigerators, despite higher interest rates in the late spring .

This development is crucial for the U.S. economic recovery. Consumers are the largest source of growth for the economy , providing more than two-thirds of economic demand in the United States . Their willingness to support the costs of this year, despite the higher taxes on wages , has caused further economic growth .

The cost of the November futures on U.S. light crude oil WTI (Light Sweet Crude Oil) rose to $ 103.66 a barrel on the New York Mercantile Exchange.

November futures price for North Sea Brent crude oil mixture rose $ 0.10 to $ 109.26 a barrel on the London exchange ICE Futures Europe.

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