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18.07.2014 15:40

Oil: an overview of the market situation

Cost of oil futures fell slightly after much growth in the previous session amid growing geopolitical concerns after the collapse of the liner in Ukraine and another round of U.S. sanctions against Russia.

Crash Malaysian Airlines passenger plane is the main theme of the day, and market participants are wondering whether it will contribute to increased tensions in Ukraine, which in a few months raging pro-Russian riots

Recall last night in eastern Ukraine crashed airliner Malaysian airlines. Killing all 298 people on board, resulting in a conflict between Kiev and pro-Moscow insurgents, in which Russia and the West are at opposite sides has increased sharply. The crash happened on the next day after the United States and the European Union announced a new package of sanctions against Russia after the annexation of the Crimea in April and continuing tension in the rest of Ukraine. U.S. sanctions have become the biggest at the moment.

Markets also continue to monitor developments in the Middle East after Israel on Thursday night announced the start of the ground campaign in Gaza after 10 days of air and naval bombardment failed to stop Palestinian rocket fire. We also add that Libya has raised oil production to 555,000 barrels per day, but the port of Brega is still not working because of the strike guards. Libya asked the UN Security Council to help her in the protection of oilfield facilities, oil ports and civil airports.

"Oil prices are expected to continue their upward trend due to the increasing volatility in the oil market after the uncertainty in the Middle East and rising tensions between Ukraine, Russia and the West," said analyst Myrto Juice from Sucden Financial Research Sucden in London.

Cost of the August futures on U.S. light crude oil WTI (Light Sweet Crude Oil) fell to $ 103.21 a barrel on the New York Mercantile Exchange (NYMEX).

August futures price for North Sea Brent crude oil mixture fell $ 0.45 to $ 108.00 a barrel on the London exchange ICE Futures Europe.

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