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06.05.2014 15:40

Oil: an overview of the market situation

The price of oil rose slightly today , which is associated with the negotiation of the foreign ministers of European countries about the resolution of the crisis in Ukraine.

"Any worsening of the situation in Ukraine will maintain oil quotes - said analyst Michael Hewson CMC Markets . - But investors little fear of supply disruption , which prevents prices rise too much ."

Positive dynamics was also due to a technical correction after cutting open short positions yesterday. However, growth in oil quotations partly contribute to good data on the euro zone and Britain. As it became known , the eurozone retail sales rose for the third month in a row in March, despite the expectations of unchanged level . Retail sales rose by 0.3 percent in the period from February, when sales rose 0.1 percent , which was revised up from 0.4 percent growth . Economists had forecast a zero change . In January, sales rose 1 percent. In annualized retail sales increased by 0.9 percent in March, after a gain of 1 percent in February , which was revised from an increase of 0.8 percent.

Meanwhile , another report showed activity in the key for the UK economy, the services sector grew in April at the fastest pace this year . Employment growth throughout the private sector accelerated sharply . It was another sign that the recovery of the UK economy continues to strengthen. Calculated by Markit and CIPS purchasing managers' index (PMI) for the UK service sector in April exceeded expectations and rose to 58.7 from 57.6 in March. This is the highest level since December 2013.

Many market participants also expect tomorrow's data on oil reserves . Estimated Bloomberg, oil reserves rose to 400 million last week, the highest level since 1982.

June futures on U.S. light crude oil WTI (Light Sweet Crude Oil) rose to $ 100.24 per barrel on the New York Mercantile Exchange (NYMEX).

June futures price for North Sea Brent crude oil mixture rose $ 0.11 to $ 107.65 a barrel on the London exchange ICE Futures Europe.

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