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06.05.2013 15:40

Oil: a review of the market situation

Oil prices fell, retreating with the maximum value for the last month at $ 105 per barrel, as fresh signs of economic weakness were opposed to increasing concerns in the Middle East after the Israeli air strikes on Syria.

Note that the dynamics of European data also influenced by the PMI, which suggested that the Eurozone is on the way to an even greater decline in the current quarter. In China - the second largest consumer of oil, the survey showed that the growth of service sector activity in April was the weakest since August 2011.

We also add that prices rose earlier today, as Israeli air strikes around Damascus refocused attention on the risks associated with the supply of the Middle East, which is the source of about a third of the world's oil reserves. Note that, according to data of Saudi oil supply for domestic and foreign markets in April amounted to about 9.2 million barrels a day, compared with 9.15 million bpd in March.

Add that today's drop came after the cost of the June contract on crude oil rebounded on Friday by 1.7%, increasing the weekly increase of 2.8%. Recall that the Labor Department reported Friday that the economy added 165,000 jobs in April, which was well above forecasts of many experts.

The cost of the June futures on U.S. light crude oil WTI (Light Sweet Crude Oil) rose to 95.64 dollars per barrel, the lowest intraday level since Dec. 19.

June futures price for North Sea Brent crude oil mixture fell $ 0.05 to $ 105.27 a barrel on the London 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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