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04.06.2013 15:40

Oil: an overview of the market situation

Oil prices fell slightly, dropping at the same time below $ 102 a barrel as concerns about demand after weak manufacturing data from the U.S., which were presented yesterday, was offset by expectations that central banks must set aside any steps to rein in its efforts to stimulation. Recall that yesterday's data showed that manufacturing activity fell in May to its lowest level in nearly four years. But the data curbed speculation that the U.S. Federal Reserve will soon complete the program or reduce monthly purchases of assets of $ 85 billion, increasing growth in other assets and limiting losses for oil.

Experts point out that oil prices will most likely not vary considerably, until investors get a better idea of ​​when the Federal Reserve will cut back its incentive program. Part of shedding light on the economic picture will help data on the number of employed in non-agricultural sector, which will be published this Friday.

Oil is also under pressure amid fears of further growth stocks in the United States. According to forecasts, stocks of distillates, which include heating oil and diesel, rose by 1.3 million barrels last week. Gasoline stocks are estimated to have grown by 600,000 barrels in the week ended May 31.

But the study, which took place before the weekly report on inventories from the American Petroleum Institute (API) and the U.S. Department of Energy showed that crude oil is likely to fall by 200,000 barrels.

The cost of the July futures on U.S. light crude oil WTI (Light Sweet Crude Oil) fell to 92.83 dollars a barrel on the New York Mercantile Exchange.

July futures price for North Sea Brent crude oil mixture fell $ 0.3 to $ 102.11 a barrel on the London exchange ICE Futures Europe.

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