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02.02.2012 17:33

Oil drops in New York

World oil prices show mixed dynamics on the background of statistical data about the increase in stocks of raw materials in the U.S., as well as expectations about future government policy on China's fuel prices.

On Thursday, the markets continue to act out on the eve of the published data from the U.S. Department of Energy, under which commercial oil reserves in the country (excluding strategic reserves) for the week ended January 27 increased by 4.2 million barrels, or 1.2% - up to 338 9 million barrels. Experts expect growth stocks to only 2.6 million barrels - up to 337.4 million barrels.

Definite influence on the dynamics of quotations have news from China. According to the analytical agency C1 Energy, the cost of the basket of the three main grades (Brent, Dubai and Cinta), purchased by China, increased by 4.3% over the past three weeks. Such a rise in the basket was higher than projected by the authorities in the 4% mark. Against this background, as soon as the agency expects price correction in the fuel market by the state.

During the bidding investors paid attention to reporting the Anglo-Dutch Royal Dutch Shell in 2011. Net income rose in 2011 by 54% over the previous year - up to 30.92 billion dollars in diluted earnings per share amounted to 4.98 dollar against 3.28 dollar a year earlier.

Crude oil for March delivery fell to $95.81 a barrel on the New York Mercantile Exchange. Brent crude oil for March settlement climbed $0.35, or 0.31 percent, to $111.91 a barrel on the London-based ICE Futures Europe exchange.

Market Focus

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  • U.S. commercial crude oil inventories decreased by 4.7 million barrels from the previous week
  • Australian unemployment rate stable at 5.6% in June
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