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28.07.2014 15:40

Oil: an overview of the market situation

The price of oil fell moderately, closer to $ 107 per barrel (mark Brent), as an ample supply in the Atlantic Basin and weak demand in Europe and Asia outweighed concerns about political tensions in Ukraine and the Middle East.

Traders say about oversupply in the physical markets of North and West African oil, forcing sellers to make significant discounts. The "low refining margins in all regions, including the U.S., says that the situation will not change in the near future" - said the oil market analyst Michael Wittner Societe Generale.

Market participants are also awaiting the release of statistics on the U.S. economy, as well as a meeting of the Federal Reserve System, which is scheduled for Wednesday. It is expected that at the upcoming meeting of the Monetary Policy FOMC, is likely to announce another round of quantitative easing to minimize the program (QE) for another $ 10 billion, bringing the total amount of monthly purchases of bonds of $ 25 billion With regard to the Committee, tone it is likely not practically change. Given that the document will be released before the release of the employment report, the economic statements are unlikely to be significantly different from previous ones. It is expected that Yellen will continue to argue that the rate of b / p at 6.1% is still pointing to weak growth in the labor market, as also evidenced by the slow growth of wages.

As for today's data, the report had little impact on the housing market, which showed: The index of pending home sales (PHSI), predictive indicator based on signed contracts, dropped 1.1 percent to 102.7 in June from 103.8 in May and was 7.3 percent lower than in June 2013 (110.8). Despite the decline, the index exceeds the level of 100, which is considered a middle-contract activity, the second consecutive month.

From a technical standpoint, the first resistance level WTI oil prices at around $ 101.40 and the second resistance level is $ 102.00. At the same levels of support may include the following $ 101.10 and $ 100.65.

The cost of the September futures on U.S. light crude oil WTI (Light Sweet Crude Oil) fell to $ 101.40 a barrel on the New York Mercantile Exchange (NYMEX).

September futures price for North Sea Brent crude oil mixture fell 67 cents to $ 107.37 a barrel on the London exchange ICE Futures Europe.

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