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26.04.2013 15:40

Oil: an overview of the market situation

The price of oil fell, dropping below $ 103 per barrel, which occurred after the rise of $ 3 in the last two sessions, as investors were cautious about the prospects for growth in the world's two largest oil consumers - the United States and China.

Note that the oil can be demonstrated by the end of the week the biggest weekly gain since November. But, despite this, the prices are up 7 percent below the levels that were recorded at the beginning of April, as a number of disappointing data raised concerns about the global economic downturn. It is also worth noting that considerable pressure had today's U.S. data, which showed that in the first quarter, the economy grew less than expected, fueling concerns over a slowdown in the second quarter.

Despite the price increase, some analysts say the market is still in the "bearish" sentiment.

At the same time, experts say that the market has experienced a period of relatively robust production in the North Sea, thus weakening the growth of Brent spread, while market participants are less concerned with production of crude oil to the U.S. Midwest.

According to a report from the U.S. Energy Information Administration, oil was also supported by the tightening of the world's reserves over the past two months, as well as the ongoing tensions in the Middle East. Members of Congress call for action against Syria after the information has shown that there is a possibility of use of chemical weapons by the Syrian Government

The cost of the June futures on U.S. light crude oil WTI (Light Sweet Crude Oil) dropped to 92.95 dollars per barrel.

June futures price for North Sea Brent crude oil mixture fell $ 0.41 to $ 102.64 a barrel on the London exchange ICE Futures Europe.

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