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25.10.2013 15:41

Oil: an overview of the market situation

Oil prices fell , dropping below $ 107 per barrel (brand Brent), which was due to fears of growing supply and demand discontinuity , despite signs of economic growth in the second largest oil consumer in the world - China.

Recall that the increased tension in Syria, which could disrupt the supply of Middle East oil brand Brent, pushed prices to a six-month high in August - above $ 117. But since then, prices have dropped by more than $ 10 a barrel . However , some analysts say that a further decline is still to come .

As the price of crude oil WTI, they were under pressure from the seasonal drop in demand and an increase in domestic oil production , which led to an increase in inventories , especially on the U.S. Gulf Coast.

Meanwhile , we add that oil markets continue to be supported by the data presented yesterday by the Chinese , who pointed to the acceleration of economic growth.

In addition, we note that a small effect on the bidding had a report on the United States, which showed that orders for durable goods rose 3.7 % in September compared with August . It was the second consecutive monthly increase and the strongest increase since June. Analysts had expected new orders rise by 1.7 % in September. The growth was driven by double-digit percentage increase in orders for transportation equipment , namely, non-defense aircraft .

Excluding transportation equipment orders for durable goods fell 0.1 % last month - the third consecutive month of decline in orders.

The report showed that demand fell for commodities such as machinery and equipment, electrical equipment, hardware , and automobiles and auto parts .

" As the price of oil , they are close to the minimum . Demand for oil has reached a low point , and the onset of winter when it will grow," - said the risk manager Mitsubishi Corp Tony Noonan .

Moderating influence on prices have U.S. talks with Iran on Tehran's nuclear program . On Thursday, the White House hosted a meeting of leaders of the Senate Committees advisers to persuade Congress to postpone the adoption of tough new sanctions against Iran.

The cost of the December futures on U.S. light crude oil WTI (Light Sweet Crude Oil) rose to $ 97.52 a barrel on the New York Mercantile Exchange.

December futures price for North Sea Brent crude oil mixture fell $ 0.36 to $ 106.59 a barrel on the London exchange ICE Futures Europe.

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