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10.09.2013 15:42

Oil: an overview of the market situation

Prices of oil futures fell sharply today , registering with the second session decline in a row, that, first of all, is connected with an attempt to resolve the Syrian diplomatic issue, and the decision of the Senate of the United States to postpone the vote on military intervention in Syria.

Note that the decline in oil prices began on Monday after Russia supported the comment Secretary of State , John Kerry , who said that a military strike could be averted if Syrian President Bashar al- Assad hand over chemical weapons. Even today, it was reported that Syria has agreed with this proposal. Against the background of this decision down fears that possible military action in Syria could spill over into neighboring countries in the Middle East and lead to disruptions in the supply of the region, which produces about a third of the world's oil .

In addition, the course of trade affected by information that the Organization of Petroleum Exporting Countries (OPEC ) raised its forecast for global oil demand in 2013 by about 30,000 barrels per day - up to 89.74 million barrels per day , it should be from the September the report of the organization.

In the first and second quarter of the daily demand of 88.86 and 88.93 million barrels, respectively . In the third and fourth quarters of the daily demand is expected to reach 90.2 million and 90.92 million barrels of oil per day , respectively, versus 90.9 and 90.18 million according to the August forecast .

In 2014 , global demand is projected OPEC will reach 90.77 million barrels per day , an increase of 1.16% as compared to 2013. Figure was slightly elevated - in August he was at 90.75 million barrels per day. In the first quarter of next year, demand will reach 89.89 million barrels a day - at the level of the previous forecast .

Meanwhile , we add that traders are waiting for today's data from the API, which is to show how to change the volume of crude oil in the United States . Also important will be tomorrow's report on oil , which will be published by the Ministry of Energy.

The cost of the October futures on U.S. light crude oil WTI (Light Sweet Crude Oil) fell to $ 106.77 a barrel on the New York Mercantile Exchange.

October futures price for North Sea Brent crude oil mixture fell $ 1.72 to $ 111.44 a barrel on the London exchange ICE Futures Europe.

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