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Today, oil prices retreated from three-month high reached yesterday, which was due to published reports, which showed that the number of applications for unemployment benefits in the U.S. last week rose more than expected. At the same time, the pressure on oil has concerns that the new U.S. budget will not lead to a sufficiently rapid reduction in the deficit. Note that during the current session, prices showed their first decline in three days.
We also recall that last night, U.S. President Barack Obama signed a budget bill, according to which overrides the automatic tax increases and spending cuts. However, the rating agency Moody, that cutting spending is not enough to avoid a sovereign downgrade.
In addition, the Agency noted that the ratio of U.S. debt to gross domestic product is likely to peak at 80% in 2014 and may remain around this level until the end of the decade.
Note also that many market participants are waiting for tomorrow's report on stocks, which provided the Ministry of Energy. It is predicted that oil reserves fell by 500,000 barrels to 370.6 million level in the seven days ended Dec. 28.
Recall that the report this week will be presented to two days later than usual because of the celebration of the New Year.
February futures price of U.S. light crude oil WTI (Light Sweet Crude Oil) fell to 93.11 dollars a barrel on the New York Mercantile Exchange.
February futures price for North Sea petroleum mix of mark Brent rose by 0.18 dollars to $ 112.30 a barrel on the London Stock Exchange ICE Futures Europe.
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