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28.02.2013 16:40

Oil futures price ranges

Oil prices fluctuate due to data presented today, which showed that the U.S. economy expanded in the fourth quarter, far less than economists forecast. A report published by the Ministry of Commerce, showing that GDP grew at an annual rate of 0.1 percent in the fourth quarter, compared with a 0.1 percent drop, which was originally reported. Economists had expected a more substantial revision to the consensus forecast of growth of 0.5 percent. Note that GDP growth in the 4th quarter was the weakest since in the second half of 2009, the restoration of which continues to this day. The data also showed that by the end of 2012, the economy grew by 2.2 percent after a 1.8 percent increase the previous year. At the same time, it became known that federal military spending declined in the last quarter by 22%, which was the largest decline since 1972.

We also add that if today's session closes lower, it will be the first monthly fall in prices since last October.

In addition, note that, according to forecasts of the Ministry of Energy of U.S. oil consumption, which is the world's largest consumer of oil, will be at 18.65 million barrels.

April futures price of U.S. light crude oil WTI (Light Sweet Crude Oil) fell to 92.58 dollars a barrel on the New York Mercantile Exchange.

April futures price for North Sea petroleum mix of mark Brent rose 24 cents and is now $ 112.20 a barrel on the London Stock Exchange ICE Futures Europe.

Market Focus

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  • German private sector output growth slowed for the second month running in July
  • ECB's Mersch says as conditions normalise, it is unlikely that uncoventional policies will remain necessary
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