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Oil prices fell, approaching at the same time to $ 103 per barrel, after data showed an unexpected rise in gasoline inventories in the U.S., thus causing concern that summer demand may be weaker than expected.
U.S. Energy Information Administration said that gasoline inventories rose by 3 million barrels last week, suggesting that U.S. domestic fuel market was well stocked for the start of the peak driving season.
Note that the dynamics of the trade is also reflected in the speech of the Federal Reserve Ben Bernanke, who said that the U.S. economy remains under pressure from high unemployment and cuts in government spending, and too early tightening jeopardize its growth. In fact, the "premature tightening of monetary policy may lead to a temporary rise in interest rates, but also carries a significant risk of a potential slowdown or complete recovery and further decline in inflation. Monetary policy provides" substantial benefits, "he said.
Bernanke is the head of the most aggressive economic stimulus for the centenary history of the Federal Reserve in an effort to stimulate growth and reduce bloated unemployment rate which is 7.5%, which will complete the longest since the Great Depression of the recession. While, according to some, the labor market shows modest improvement, the Fed chief noted that "high levels of unemployment and under-utilization of labor resources is extremely costly."
It is also worth adding that after Bernanke attention of many market participants shifted to the publication of minutes of the meeting FOMC. Note that investors will also closely monitor the output index of purchasing managers in May for China, the U.S. and the Eurozone, which will be presented tomorrow. Polls show they can show a slight increase from April, but not enough to dispel concerns about sluggish growth prospects.
The cost of the July futures on U.S. light crude oil WTI (Light Sweet Crude Oil) fell to 94.94 dollars a barrel on the New York Mercantile Exchange.
July futures price for North Sea Brent crude oil mixture fell $ 0.41 to $ 103.23 a barrel on the London exchange ICE Futures Europe.
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