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17.01.2014 16:40

Oil: an overview of the market situation

Prices for WTI crude oil rose slightly , reaching at this two-week high on signs that U.S. economic growth is accelerating, while the price of Brent crude oil fell slightly . One report showed that U.S. industrial production rose in December and finished the year on a high level . Industrial production, which measures output in the manufacturing sector , the municipal sector and the mining sector increased by a seasonally adjusted 0.3 % last month compared with November . During 2013 , total production increased by 3.7%. Capacity utilization rose 0.1 percentage points to a level of 79.2% .. The November growth was revised down slightly to 1.0% . Utilization rate was revised up to 79.1 %.

" WTI crude oil is currently supported by improving economic conditions in the U.S. and a large decrease in commercial reserves of oil ," said Addison Armstrong , director of market research at Tradition Energy in Stamford.

Nevertheless , a slight pressure on the oil futures had a report from Thomson-Reuters and the Michigan Institute , which showed that in January, American consumers feel more pessimistic about the economy than was recorded in the last month.

According to preliminary January consumer sentiment index fell to 80.4 , compared with a final reading for December at 82.5 . It is worth noting that according to the average estimates of experts , the index had to grow compared with the December value to reach 83.4 .

Recall also that presented earlier this week from the OPEC data showed that last year there was a decrease in demand for oil cartel to 29.9 million barrels per day. This year, demand could fall another 400,000 barrels. In such circumstances, the cartel question the need to reduce oil production and the prospect of increased supply on world markets in 2014 may further aggravate the situation .

February futures price of U.S. light crude oil WTI (Light Sweet Crude Oil) rose to $ 94.44 per barrel.

February futures price for North Sea Brent crude oil mixture fell $ 0.20 to $ 106.85 a barrel on the London exchange ICE Futures Europe.

Market Focus

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