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23.04.2013 15:40

Oil: an overview of the market situation

The price of oil fell, dropping at the same time below $ 99, helped by a weaker-than-expected manufacturing data from China and Germany, which have worsened the prospects of demand for fuel.

As it became known, in the current month increase production sector in China has slowed. According to the report, a preliminary purchasing managers' index for the manufacturing sector from HSBC Holdings Plc and Markit Economics was 50.5, compared with a final figure for March, equal to 51.6. Published data fell short of analysts' forecasts, which suggested that the figure will be 51.5. Value is at the level above 50, indicating that the increase in production areas.

Note that a surprise to experts also found a reduction of business activity among German companies, but in the whole Eurozone services PMI rose slightly, being at the same time close to economists' forecasts.

We also add that prevented a sharper drop in oil prices helped the tense situation in the oil producing countries. As it became known, at least 23 people were killed in confrontations among the Iraqi forces and Sunni Muslims near Kirkuk. Later in the day, a bomb blast, at least seven people were killed and 17 were injured.

Meanwhile, we note that the dynamics of the trade is also affected by expectations about tomorrow's report on U.S. oil reserves, which will help to assess the demand of the largest oil consumer in the world. We add that, according to the predictions of many economists, crude oil inventories rose last week.

The cost of the June futures on U.S. light crude oil WTI (Light Sweet Crude Oil) fell to 88.93 dollars per barrel, the lowest intraday level since Dec. 19.

June futures price for North Sea Brent crude oil mixture fell $ 0.40 to $ 99.99 a barrel on the London exchange ICE Futures Europe.

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