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10.02.2014 16:41

Oil: an overview of the market situation

Prices for Brent crude fell slightly , but will continue to be near five-week high above $ 109 a barrel as investors await comments regarding future policy the U.S. Federal Reserve . The new head of the Federal Reserve System, Janet Yellen first appearance before Congress this week, and markets expect to hear that monetary policy will remain accommodative . Economists suggest that Yellen continue gradual narrowing of asset purchases , but on condition that the economy will improve.

This view was reinforced by disappointing data on employment in the United States, which showed that job growth was the weakest in three years and suggested that U.S. economic growth is losing momentum .

" Oil is rising on expectations that the restriction of asset purchases will not be accelerated ," said Eugene Weinberg , head of commodities research Commerzbank. But Weinberg said that oil prices could get close to the top of its range for some time , namely, up to $ 100 per barrel (WTI), and up to $ 110 per barrel (Brent).

I also add that the price of Brent crude oil have been under some pressure from the news that production on the UK Buzzard oilfield returned to normal - 200 thousand barrels per day or more, after his fourth trip in 2014 last week.

Chinese economic data , which will be released this week, may also be favorable for oil if it will point to a more rapid growth in the world 's second largest oil consumer . Some analysts who follow oil prices , saying that the upward momentum in the market can be sustained .

Experts also note that the weakening of political tensions around Iran's nuclear program may affect the price of oil , as production from OPEC may increase if Tehran will reach a final agreement with the world powers .

March futures price for U.S. light crude oil WTI (Light Sweet Crude Oil) rose to $ 100.27 per barrel on the New York Mercantile Exchange (NYMEX).

March futures price for North Sea Brent crude oil mixture fell 44 cents to $ 109.10 a barrel on the London exchange ICE Futures Europe.

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