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Prices of oil futures fell today, while leaving out below $ 110 per barrel, which was due to pressure from a stronger dollar, which rose sharply after positive data from the U.S., as well as higher-than-expected supply from the North Sea and OPEC .
Experts note that the employment report showed strong growth, which seems to be quite a good factor for further stock market rally and the dollar, but it appalling that a stronger dollar will limit the rise in crude oil prices.
Note that in the past two weeks, many investors have liquidated most of their long positions in commodities, but increased their market share of securities holdings. We also add that this World shares reached their highest level since June 2008.
In addition, we add that the price of oil rose in the first three weeks of the year on expectations of recovery of global economic growth, but began to show a decline in recent weeks because of fears that central banks will curtail their mitigation measures.
Note also that the oil market was not able to get support even among relatively positive data from China, which showed year on year exports rose in February by 21.8 percent, far exceeding economists' forecasts while at 8.1 percent growth. However, this increase has been less than a 25 percent increase in January. On the other hand, the volume of imports has decreased during the past month, more than expected, registering decline of 15.2 percent year on year. With all these data, it was reported that the trade surplus in February was $ 15.25 billion, contrary to expectations for a deficit of 6.9 billion dollars.
April futures price of U.S. light crude oil WTI (Light Sweet Crude Oil) fell to 91.13 dollars a barrel on the New York Mercantile Exchange.
April futures price of North Sea Brent crude oil mix down 96 cents to $ 109.90 a barrel on the London Stock Exchange ICE Futures Europe.
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