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15.08.2014 15:41

Oil: an overview of the market situation

The price of oil rose today, while rising above $ 103 per barrel (Brent), but still remained near 13-month low due to the weakening of the threat reduction of supplies from Iraq. Traders note that oil is going up against the fact that investors have found a dip in the last few days excessive.

"The market is oversold, so expect crude oil purchases. Unresolved issue before the weekend remains a factor of tension between Russia and Ukraine ", - said the head of Mizuho Securities USA Inc. Bob Yoger. Recall, according to the Ministry of Energy of the United States, released on Thursday, the oil production in the country increased in July to 8.5 million barrels per day, with a peak in April 1987. Meanwhile, the US crude stocks rose last week by 1.4 million barrels to 367 million barrels.

Market participants also drew attention to today's reports. The Federal Reserve said that in July, the volume of industrial production in the United States increased by 0.4% compared with June. Economists had expected the index by 0.3%. The June rise in industrial production was revised down from 0.2% to 0.4%. The main factor of growth in July was the jump in car production by 10.1% - the highest since July 2009. Production in the manufacturing industry increased last month by 1% after rising a revised 0.3% in June. The growth rate in July was the best in five months and significantly exceeded the forecast (0.4%). Excluding autos and auto components, industrial production rose by 0.4%.

Investors are also watching the geopolitical situation. As it became known, Ukrainian troops attacked and destroyed "part" of the column of military equipment, which came into the country through the border post Izvarino controlled by pro-Russian rebels. The representative of the Russian Defense Ministry refused to comment on the phone operational.

The cost of the September futures for the American light crude oil WTI (Light Sweet Crude Oil) rose to $ 96.48 per barrel and then declined to $ 97.25 per barrel on the New York Mercantile Exchange (NYMEX).

September futures price for North Sea Brent crude oil mixture rose $ 1.07 to $ 103.07 a barrel on the London exchange ICE Futures Europe.

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