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The price of oil fell slightly, partly due to the strengthening of the dollar, as well as correction after a significant increase at the end of last week (2.5% on Friday).
Not unimportant factor that contributed to lower prices, was the release of GDP data for Japan. According to estimates of the Cabinet Office, in the past quarter gross domestic product grew by 2.6 percent year on year after expanding 3.8 percent in the previous quarter. The median estimate of economists, growth was up 3.6 percent. Nominal GDP growth, unadjusted for price changes, accelerated to 2.9 percent year on year. In the second quarter, the growth was driven by private consumption, public investment and net exports. Consumer spending, which accounts for about 60 percent of the economy, rose 0.8 percent from the previous quarter.
Note that the Japanese authorities predict a slowdown in economic growth to 1% in 2014-2015 fingoda.
However, we add that positive data from China, are a factor of stabilization of prices below. The first is to provide a report on industrial production, which showed that in July, its volume increased by 9.7% (the highest since February). This suggests that China's demand for oil will increase further. Data on imports of China last week and included the growth of oil imports.
Traders said the market expects the U.S. economic data, including the July retail sales, due out on Tuesday. Note that they will be able to shed some light on how the policy will continue to be held by the Federal Reserve System.
Another important event of the week will also be a report on oil, which will be released on Wednesday.
The cost of the September futures on U.S. light crude oil WTI (Light Sweet Crude Oil) fell to 105.75 dollars a barrel on the New York Mercantile Exchange.
September futures price for North Sea Brent crude oil mixture rose to $ 108.25 a barrel on the London exchange ICE Futures Europe.
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