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26.08.2013 15:42

Oil: an overview of the market situation

The cost of oil futures fell slightly, the first decline recorded over the past three days, as the data in the U.S. were much worse than expected by many experts.

It is learned that orders for durable goods in the U.S. fell more than forecast in July, after three months of growth, indicating a slow strengthening of production. Orders for durable goods, their life span at least three years, fell by 7.3 percent, the most since August 2012, after a 3.9% rise in June. Economists drop should not exceed 3%. Orders fell sharply on the aircraft and capital goods such as computers and electronic equipment.

Today's figures showed a decrease in orders for commercial aircraft by 52.3% after rising 33.8% in June. Chicago-based company Boeing (BA) said it received 90 aircraft orders in July, compared with 287 the previous month. Demand for non-military capital goods excluding aircraft, a leading indicator for future business investment in computers, electronics and other equipment fell by 3.3% in July after rising 1.3% the previous month.

We also add that the conflict in Syria and the unrest in Egypt raised concern that tensions could spread to big oil exporters in the Middle East, which together account for 34 percent of the world's supply of oil. In addition, it was reported that Libya has resumed exports from the port of Brega, one of the four ports, which had been closed since the end of July against the protests.

The cost of the October futures on U.S. light crude oil WTI (Light Sweet Crude Oil) fell to $106.10 per barrel on the New York Mercantile Exchange.

October futures price for North Sea Brent crude oil mixture fell to $ 110.78 a barrel on the London exchange ICE Futures Europe.

Market Focus

  • The eurozone started the third quarter on a solid footing, according to PMI survey data
  • Earnings Season in U.S.: Major Reports of the Week
  • German private sector output growth slowed for the second month running in July
  • ECB's Mersch says as conditions normalise, it is unlikely that uncoventional policies will remain necessary
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