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20.12.2013 16:41

Oil: an overview of the market situation

Oil prices have risen significantly today , rising at the same time above $ 111 per barrel (Brent) $ 98 per barrel (WTI), and is now directed to its weekly gain , which is associated with a positive outlook for fuel demand in the U.S. and a decrease in Libyan supplies. We add that the oil prices are also rising in the background of that presented earlier this week, a report showed that U.S. crude stocks fell , while the decision to the U.S. Federal Reserve to start reducing bond-buying program has supported the view that the U.S. economy is on the road to recovery.

U.S. crude WTI c beginning of the week up 2.5 percent, while prices for Brent demonstrate weekly gain at 2 percent.

It should be noted that support prices were surprisingly strong U.S. data . According to the report , U.S. GDP grew in the third quarter by 4.1 % year on year , showing the highest since the fourth quarter 2011 preliminary estimate of GDP growth in the third quarter was at 3.6 %. The median estimate of GDP growth economists was also at the level of 3.6%. Growth stocks accounts for about one-third of GDP growth in the third quarter, which shows the company's confidence in the prospects for demand. Growth in retail sales in October and November, the Fed confirmed assessment that the economy is growing . Growth in market share increased estimate of household assets , as house prices rise . Along with the increasing number of employees, and lower unemployment , consumption seems to have become grow. Consumer spending rose by 2% , compared to 1.4% according to preliminary estimates . Cost of services led to GDP growth of 0.32% in the third quarter . In addition to increased health care costs, increased spending on leisure . Spending on nondurable goods rose 2.9 %.

Prices were also supported by the ongoing supply problem in Libya where crude oil exports fell to 110,000 barrels per day, with more than 1 million barrels per day in July.

Cost February on U.S. light crude oil WTI (Light Sweet Crude Oil) rose to $ 99.04 a barrel on the New York Mercantile Exchange.

February futures price for North Sea Brent crude oil mixture increased by $ 1.22 to $ 111.27 a barrel on the London exchange ICE Futures Europe.

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