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24.05.2013 15:40

Oil: an overview of the market situation

Oil prices fell today, due to the low volume of trading in anticipation of the holiday in the U.S., the shaky outlook for demand in China, as well as ample stocks in the United States. Note that today's oil prices continued their four-day downward trend. This week, the price of WTI crude oil showed the biggest decline since mid-April. Experts note that the quotes Brent crude oil fell under the influence of clear cyclical factors, chief among them - a low growth of the world economy, the pace of which are able to drive oil prices below the $ 95 per barrel.

Note that the more positive economic data in the U.S. raised concerns that the Federal Reserve may soon collapse of bond purchases and curb the huge cash flow, which encourages financial investors to bet on oil.

The data showed that orders for durable goods rebounded in April, offering some good news for the manufacturing sector, which has recently slowed recovery of the U.S. economy. According to the report, orders for durable goods increased by 3.3% compared with the previous month to a seasonally adjusted 222.6 million. Economists had expected an increase of 1.3%. Expenses rose almost across the board, most of all in the defense sector by 53.3% and orders for civilian aircraft increased by 18.1%. Orders for durable goods without volatile sector rose by 1.3%. Durable goods are generally expensive products are designed for use within a few years. Businesses and consumers usually make such purchases when they are confident in the economy.

We also add that the pressure of the oil have concerns that China can not achieve its growth target of 7.5 percent this year.

The cost of the July futures on U.S. light crude oil WTI (Light Sweet Crude Oil) fell to 93.48 dollars a barrel on the New York Mercantile Exchange.

July futures price for North Sea Brent crude oil mixture fell $ 0.56 to $ 102.09 a barrel on the London exchange ICE Futures Europe.

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