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02.05.2013 15:40

Oil: an overview of the market situation

The price of oil rose, breaking the level of $ 100 a barrel as the interest rate cut by the European Central Bank has supported more risky assets, despite the shaky global outlook for oil demand and sufficient stocks.

Note that the dynamics of the trade also affected data on the number of initial claims for unemployment insurance, which fell sharply last week - to the level of 324 thousand, which indicates that the labor market is still recovering.

Meanwhile, today it was announced that the index, which measures the efficiency of production in China, fell in April, while reaffirming the fragile economic recovery. However, it is expected that the recession in the eurozone and sluggish demand in the U.S. is putting pressure on the recovery of China.

However, despite the recent developments in the oil market, a statement from the Federal Reserve that the redemption of bonds in the amount of 85 billion dollars a month to continue, providing some support. Note that many investors are also awaiting the publication of tomorrow's data on the number of U.S. non-farm payrolls for April.

We also add that the drop in oil prices below $ 100, has caused concern in some oil-exporting countries, such as Iran and Venezuela, but Europe's largest oil company Royal Dutch Shell, which has given its report today, said that it did not bother, given the that lower prices will help the economic outlook and ease the pressure on costs in the industry.

The cost of the June futures on U.S. light crude oil WTI (Light Sweet Crude Oil) rose to 91.65 dollars per barrel.

June futures price for North Sea Brent crude oil mixture rose $ 0.95 to $100.78 a barrel on the London exchange ICE Futures Europe.

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