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26.09.2013 15:40

Oil: an overview of the market situation

Oil prices rose today, despite the weakening of political disputes and improved supply situation , as many traders have begun to open trade after a sharp fall in prices at the beginning of the month. Note the beginning of September the price of oil fell more than 4 percent , and is now on its way to its biggest monthly drop since April. Now the price of oil by nearly $ 8 below from its peak at the beginning of the month , as fears of an escalation of the conflict in the Middle East have disappeared.

The new government of Iran announced on Wednesday that it wants to " push " talks with world powers to resolve the ten-year dispute over its nuclear program and hopes for a deal within three to six months.

In addition, we add that the world price of oil continues to grow on the back were better than analysts' forecasts, data on the U.S. labor market . The number of initial claims for unemployment benefits last week remained at about six-year low , indicating that the labor market is improving, although recent data have been distorted by irregularities in reporting.

The number of initial claims for unemployment benefits , which is an indicator of the number of layoffs in the week ending September 21 fell by 5,000 to 305,000 ( seasonally adjusted) . Economists had expected the figure is 319,000 .

The Labor Department revised slightly with an increase in the data for the previous week - from 309.000 to 310.000 . The original data were artificially low because of the California and Nevada data came with a delay caused by an upgrade of computer systems.

Investors will also pay attention to the data on the dynamics of the world 's largest economy in the second quarter. The real U.S. GDP growth in April- June, according to the final assessment , was 2.5% in annual terms . The changes of the past quarter coincided with the second estimate. Experts suggested the third estimate of 2.7 %.

The cost of the November futures on U.S. light crude oil WTI (Light Sweet Crude Oil) rose to $ 102.95 a barrel on the New York Mercantile Exchange.

November futures price for North Sea Brent crude oil mixture rose $ 0.98 to $ 109.01 a barrel on the London exchange ICE Futures Europe.

Market Focus

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