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19.12.2013 16:40

Oil: an overview of the market situation

Oil prices rose modestly today , rising above $ 110 per barrel (Brent) and $ 98 per barrel as the market ignored the decision by the U.S. Federal Reserve on the reduction of its program of monetary stimulus , and focused on the reduction in U.S. oil inventories . Oil prices have faced some obstacles early in the session after the dollar rose strongly on the decision of the Federal Reserve , but were able to grow at that time , as U.S. traders arrived at their jobs.

The only negative factor for oil were present data on the number of applications for unemployment benefits , but even they could not stop the rise in prices. As it became known , the number of people filing for first time applications for unemployment benefits rose a second consecutive week , becoming a potentially troubling sign for the labor market , which showed strengthening .

The number of initial claims for unemployment benefits , a measure of layoffs, increased by 10,000 and amounted to a seasonally adjusted 379,000 in the week ended December 14. This is the highest level since March and well above 336,000 new claims economists expected . Analyst Department of Labor said that there were no special factors influencing the latest figures , but he cautioned that the data on applications tend to be volatile during the festive season . The number of applications from the previous week was revised up to 369,000 . New applications jumped by 74,000 in the past two weeks after moving to six - year lows in late November.

The course of trade also continue to influence yesterday's data from the U.S. Department of Energy on wholesale inventories of raw materials in the country , which fell by 2.9 million barrels , while analysts expected a decline of 2.3 million barrels.

Cost January futures for U.S. light crude oil WTI (Light Sweet Crude Oil) grew by $ 0.72 - to $ 98.52 per barrel on the New York Mercantile Exchange.

January futures price for North Sea Brent crude oil mixture increased by $ 1.07 to $ 110.36 a barrel on the London exchange ICE Futures Europe.

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