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02.07.2013 15:40

Oil: an overview of the market situation

Oil prices rose modestly, while continuing yesterday's gain, which was due to concerns over supply disruptions from Libya, as well as political unrest in Egypt, which may hit oil supplies from the region.

It is learned that oil production in Libya has fallen to third place, after the protestors closed several fields, as anti-government demonstrations in Egypt have raised concerns about the stability of the entire region.

Prices were also supported by yesterday's data from the Institute for Supply Management, which showed that the results of last month's U.S. manufacturing activity grew.

Experts note that many investors took the opportunity to buy oil at relatively low prices after three consecutive quarters of decline, which was the longest string of losses since the 1997-1998. Analysts also point to the probability of an increase in refining capacity in the near future.

Meanwhile, it is worth noting that Canada yesterday resumed work on the part of a major pipeline in Alberta, which was due to improved weather conditions.

Higher prices also contribute to the expectations of tomorrow's publication of data on oil reserves in the United States.

We also add that today its reserves data will present the American Petroleum Institute (API). Analysts expect the reduction of oil reserves by 2.63 million barrels last week, increasing the fuel reserves of 600 million barrels, distillate - by one million barrels.

The cost of the August futures on U.S. light crude oil WTI (Light Sweet Crude Oil) rose to 97.96 dollars a barrel on the New York Mercantile Exchange.

August futures price for North Sea Brent crude oil mixture rose $0.62 to $ 103.58 a barrel on the London exchange ICE Futures Europe.

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