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27.01.2014 16:40

Oil: an overview of the market situation

Oil prices declined moderately today , recording the second -session decline in a row, which was associated with the release of weak data on the U.S. housing market . With this in mind , experts have begun to show concern that demand for fuel in the U.S. - the world's largest consumer - may slow .

Prices fell by 1 percent , as a report showed that new home sales in 2013 ended weaker pace , emphasizing the existing threat to the recovery of the housing market from rising prices and mortgage rates . Sales of newly built homes fell by 7% to a seasonally adjusted annual rate of 414,000 in December from 445,000 in November. Result November was revised down to 19,000 . Economists had forecast an annual rate of new home sales at 457,000 in December , although many of them noted that the unusually cold and windy weather may have contributed to the sales activity . New home sales in December were the weakest since the summer months , when mortgage rates jumped in response to reports that the Federal Reserve plans to reduce its bond-buying program . Sales of new homes were close to an annual rate of 373,000 in July , but then recovered in the following months . The data also showed that the average selling price of a new home in December was $ 270,200 , which is 4.6 % higher than a year earlier and the highest level since April.

" The U.S. economy is stagnant , and I'm not very optimistic about this ," said Tom Finlon , head of Group LLC Energy Analytics. " There is some concern that without the stimulus the Fed , stock prices and oil prices will decline ."

Recall that on December 18 the Fed announced that reduces monthly purchases to $ 75 billion a month to $ 85 billion . Tomorrow policies will gather to consider the next step in its strategy of gradual reduction in the rate of bond purchases .

March futures price for U.S. light crude oil WTI (Light Sweet Crude Oil) fell to $ 95.89 a barrel on the New York Mercantile Exchange (NYMEX).

March futures price for North Sea Brent crude oil mixture fell 84 cents to $ 106.93 a barrel on the London exchange ICE Futures Europe.

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