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29.01.2013 16:40

The cost of oil rose to a four-month high

Oil prices rose today, while still achieving four-month high after home prices in 20 U.S. cities rose by the most important in more than six years, signaling that the country's economic recovery is accelerating.

Futures climbed 0.9% after the index value of the property of S & P/Case-Shiller rose in November by 5.5% compared with the same month in 2011, as well as the expectations of 5.6%.

Also supporting oil prices have data, which showed that consumer confidence in Germany rose. According to the research group Gfk, the German consumer confidence will rise in the next month to the level of 5.8 to 5.7 for a stable labor market and higher expectations of income.

However, despite this increase, the price of oil fell slightly after a report showed that consumer confidence in the U.S. fell in January, more than expected, reaching the lowest level in more than a year. As it became known, Conference Board index dropped to a mark of 58.6, up from 66.7 in December.

Note also that now, many market participants are awaiting a report on oil reserves in the U.S., which will be presented tomorrow at the Energy Information Administration. According to the average forecast U.S. crude inventories rose by 2.5 million barrels last week, and the capacity of the refinery will be 83.25% (for seven days, which ended on January 25) while decreasing by 0.35%.

However, despite this positive trend, the oil could not hold its positions, and slightly decreased.

March futures price of U.S. light crude oil WTI (Light Sweet Crude Oil) rose to 97.65 dollars a barrel on the New York Mercantile Exchange. Duration of the February futures expire today.

March futures price for North Sea petroleum mix of mark Brent dropped 25 cents to $ 114.22 a barrel on the London Stock Exchange ICE Futures Europe.

Market Focus

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  • Canada: Retail Sales, m/m, November 0.2% (forecast 0.5%)
  • U.S.: Nonfarm Payrolls, January 227 (forecast 175)
  • Eurozone: Consumer Confidence, January -4.9
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