FX & CFD trading involves significant risk
The price of oil fell moderately in today's session , was under pressure from the strengthening of the U.S. dollar.
Little support prices had submitted data for China . According to a report on Sunday , the Purchasing Managers Index in China's manufacturing sector rose in May to 50.8 against 50.4 in April. It is worth noting that analysts expect the growth rate to just 50.7 .
Contribute to lower prices rumors about the imminent resumption of the work of one of the export terminals in Libya. Corporation Libyan National Oil Corp. announced that soon will resume oil terminal of Marsa el Hariga as Libyan authorities approved staff salaries security of oil companies that have hampered oil shipments . Two tankers are waiting for loading.
Analysts predict that oil production in the countries of the Organization of Petroleum Exporting Countries (OPEC) in May increased by 75 thousand barrels per day for the first 3 months.
In addition, a negative factor for the market was the news of the sudden slowdown in business activity in the manufacturing sector in the U.S., the largest consumer of oil in the world . In May ISM Manufacturing Index fell to 53.2 from 54.9 points, analysts expect its growth to 55.7 . Nevertheless , the indicator value exceeds 50 points , indicating that even a weaker , but still growth of business activity in the sector of the American economy .
From technical point of view it may be noted that the August Brent quotes reached the 200-day moving average , which is located in 108.90 . Overcoming down such technically important level could trigger a wave of sales . The nearest support level in this case will mark 108.15 .
The cost of the July futures on U.S. light crude oil WTI (Light Sweet Crude Oil) fell to $ 102.42 a barrel on the New York Mercantile Exchange (NYMEX).
July futures price for North Sea Brent crude oil mixture fell 56 cents to $ 109.01 a barrel on the London exchange ICE Futures Europe.
All posted material is a marketing communication solely for informational purposes and reliance on this may lead to loss. Past performance is not a reliable indicator of future results. Please read our full disclaimer.