FX & CFD trading involves significant risk
Prices for WTI crude oil continued its decline yesterday on speculation that a government report will show an increase in U.S. wholesale inventories of oil up last week. As the price of Brent Brent, they rose moderately .
Analysts predict that crude oil inventories rose by 1.85 million barrels. Gasoline stocks are projected down 2 million barrels. Stocks of distillates , including heating oil and diesel, are expected to have fallen by 450,000 barrels. If the evidence will justify the expectations , then the prices will continue to rise .
While providing support to oil quotations absence of an agreement on the Iranian atom. Last Sunday , the head of EU diplomacy , Catherine Ashton said that to reach a final agreement will be very difficult . Another round of talks "six" and Iran 's nuclear program will be held March 17 in Vienna. From the words of Ashton became clear that a favorable outcome should not hope . Also, it is still possible sanctions against Russia by the EU and the U.S. that support oil prices .
The course of trade is also affected by the situation in Libya . Group of armed men who seized the port of Es Sidr in the east of the country , said that the beginning of their own oil exports . The first batch of oil tanker was sent to North Korea.
An equally important factor is the concern that the escalation of tensions between Ukraine and Russia , the world's largest energy exporter , may disrupt supply . Earlier today, Acting Defense Minister Igor Tenyukh said that the armed forces are given in full readiness and earnings ranges for military exercises .
Meanwhile, adding that concerns about demand growth in the world's two largest oil consumer countries , the U.S. and China , keep the prices under pressure. Recall that the data published at the weekend in China, showed new signs of a slowdown in economic growth in the country . Exports from China in February fell by 18.1% in annual terms - up to 114.1 billion and imports increased by 10.1 % - to 137.1 billion dollars.
Traders also expect a monthly report on demand from OPEC , which will be presented tomorrow and Friday's report from the International Energy Agency.
April futures price for U.S. light crude oil WTI (Light Sweet Crude Oil) fell to $ 100.62 a barrel on the New York Mercantile Exchange (NYMEX).
April futures price for North Sea Brent crude oil mixture rose 40 cents to $ 108.26 a barrel on the London exchange ICE Futures Europe.
All posted material is a marketing communication solely for informational purposes and reliance on this may lead to loss. Past performance is not a reliable indicator of future results. Please read our full disclaimer.