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Oil prices rose slightly today, closer to $ 103 per barrel (Brent), not much above 14-month low. This is due to an adequate margin and weak demand as global economic growth remains moderate.
Support prices have data on the United States, so far, that the gross domestic product of the United States increased by 4.2% in the second quarter, exceeding the expectations of growth of 3.9%, after expanding by 4.0% in the three months to April. In addition, the United States Department of Labor reported that the number of initial claims for unemployment insurance for the week ending August 22 fell by 1,000 to 298,000 from a revised 299,000 the previous week. Analysts had expected the number of hits will be at the level of 299 thousand. Strong data confirmed the comments of Fed Chairman Janet Yellen, the data on the last week in Jackson Hole, that the United States economy is recovering and the situation on the labor market is improving.
Meanwhile, the impact on prices of increased tension in Ukraine. According to reports, the separatists have intensified fighting in the east of the country. Against this background, the Ukrainian president Poroshenko called an emergency meeting of security to guard against what he called Russia's "invasion."
In addition, market participants continue to analyze yesterday's data on oil reserves in the United States. Recall inventory of oil in the United States fell last week to 2.07 million barrels to 360.5 million barrels. However, oil reserves in Cushing terminal, which stores the physical volume of oil traded on the NYMEX, increased by 508 thousand. Barrels for the week ended August 22, to 20.7 million barrels. The rise has been going on for four weeks. Volumes of gasoline in the United States decreased by storage 960 thousand. Barrels to 212.3 million barrels, with expected to fall by 1.6 million.
Traders also act out the news about the closing of Buzzard field in the North Sea on the additional repairs, speculating on the timing of the resumption of production at the field.
The cost of the October futures on American light crude oil WTI (Light Sweet Crude Oil) to the present moment has increased to $ 94.50 per barrel on the New York Mercantile Exchange (NYMEX).
October futures price for North Sea Brent crude oil mixture rose $ 0.15 to $ 102.72 a barrel on the London exchange ICE Futures Europe.
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