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28.02.2014 16:40

Oil: an overview of the market situation

Oil prices rose slightly , restoring previously lost ground. Slight pressure on the prices have U.S. data , which were worse than expected .

According to the report , the gross domestic product , the broadest measure of goods and services produced in the economy , rose to a seasonally adjusted annual rate of 2.4% in the last quarter of the year, compared with the initial estimate of 3.2%. About this Ministry of Commerce said on Friday . Economists had forecast a 2.6% increase .

U.S. economy grew in the third quarter of this year by 4.1 % , and the initial estimates for the fourth quarter increased hopes for higher growth , more rapid creation of new jobs and higher wages in 2014

However, pressure also had concerns about the upcoming spring season closing refinery maintenance : investors expect a reduction in oil demand in the U.S., which is the largest consumer of fuel in the world .

Meanwhile , we add that the fall in oil prices restrain currency market trends : euro on Friday rose to the maximum from the beginning of the year against the dollar . Commodities, the prices of many of which are expressed in U.S. dollars, usually rise in price after the weakening of the U.S. currency

"Oil does not respond as other markets risky assets due to winter and geopolitical issues in the Middle East . With the weather improved attractiveness of the market decline and the economic slowdown in China will only aggravate it . Prices should not be at this level " , - believes CEO of research firm Barratt's Bulletin in Sydney Jonathan Barrett .

April futures price for U.S. light crude oil WTI (Light Sweet Crude Oil) rose to $ 102.55 per barrel on the New York Mercantile Exchange (NYMEX).

April futures price for North Sea Brent crude oil mixture rose 17 cents to $ 108.95 a barrel on the London exchange ICE Futures Europe.

Market Focus

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  • U.S. commercial crude oil inventories decreased by 4.7 million barrels from the previous week
  • Australian unemployment rate stable at 5.6% in June
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