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30.08.2013 15:41

Oil: an overview of the market situation

Oil prices fell slightly today , demonstrating the fickle course of trading , as concerns about supply disruptions from the Middle East decreased after Britain said it would not join any military action against Syria.

Note that the price of oil is still on the way to the biggest monthly gain in a year: in August, the price of oil rose more than 6 %, as the unrest in Libya reduced the volume of production by about 1 million barrels a day. In addition, there was a decline of production in Iraq , Nigeria and other countries.

The upward trend in prices seemed stalled after the British Parliament rejected a proposal by Prime Minister David Cameron , which would make Britain complicit in the attack on Syria. This decision was a big surprise to many , especially to the U.S., as Britain was to become allies in the fight against Syria. It should be noted that U.S. officials , meanwhile, said they were ready to take action against Syria , even without specific promises of support for the union . Recall that the situation around Syria escalated after the Aug. 21 media quoted a statement reported by the opposition about the alleged use of chemical weapons in the suburbs of Damascus. After that, in the West, where the earlier application called sarin Syrian authorities condition of direct intervention in the conflict, openly talking about a possible military intervention in the Arab republic.

Analysts from Commerzbank claim that if the tension on the market once again weakened , investors will reduce a significant number of previously accumulated long positions. Without a doubt, this is true even in the case of a direct attack , provided that the conflict does not spread to other countries in the region . As a result, oil prices could fall sharply , as has often happened in the past.

The cost of the October futures on U.S. light crude oil WTI (Light Sweet Crude Oil) fell to $ 108.16 a barrel on the New York Mercantile Exchange.

October futures price for North Sea Brent crude oil mixture rose to $ 114.85 a barrel on the London exchange ICE Futures Europe.

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